Pension Administration Pages

This section discusses:

  • Pension Administration page groups.

  • Set Up HCM menu group.

  • Pension menu group.

The Pension Administration pages are in two menu groups used primarily by PeopleSoft Benefits and two menu groups used exclusively for pension processing.

Pension Administration includes two menu groups:

  • Set Up HCM, Product Related, Pension.

  • Pension.

You use Human Resources - Benefits to set up the pension plan and the employee deductions for pension contributions:

  • You set up pension plans under Set Up HCM, Product Related, Base Benefits, Plan Attributes, Pension Plan Table.

  • You sign employees up for a pension plan under menu Benefits, Enroll In Benefits, USA - Pension Plans.

There are several menus under Set Up HCM, Product Related, Pension:

  • Calculation Rules

  • Variable Definitions

  • Status Rules

  • Components

  • Pension Plan Implementation

  • Utilities

  • Calculation Tables

  • Self Service Calc Defaults

Each menu is discussed in detail here.

Calculation Rules

In the Calculation Rules menu, you can define calculation methods to round, convert, limit, and project measurable pension concepts. Typically, these methods will be incorporated into larger, plan-specific definitions. Using the pages in the Calculation Rules menu, you can create:

  • Actuarial assumptions.

  • Interest methods.

  • Internal Revenue Code Section 401(a)(17) earnings limits.

  • Projection rules.

  • Custom statements.

  • Spouse eligibility alias.

  • Date and duration processing options.

  • Mortality rates by age.

Variable Definitions

Under the Variable Definitions menu, you can set up different types of aliases, which look up or measure employee-specific information:

  • Database aliases

  • Table lookups

  • Dates

  • Durations

  • Function result aliases

  • Actuarial factor aliases

Status Rules

The Status Rules menu includes setup pages for defining pension-specific employment statuses. These definitions enable Pension Administration to distinguish between active and inactive employee populations and to measure service. The Status Rules menu includes pages for:

  • HR action and reason categories, such as for job events.

  • Actuarial valuation matrix.

  • Active and inactive jobs.

  • Status codes.

  • Status code mappings.

Components

You use the Components menu to set up the core plan-specific definitions used by the system's calculation functions. The core function types are:

  • Plan eligibility

  • Participation

  • Service-break rules

  • Service-elapsed time

  • Service-hours counting

  • Service-hours equivalence

  • Vesting

  • Benefits eligibility

  • Final average earnings

  • Cash balance accounts

  • Employee accounts

  • Social security

  • Covered compensation

  • Early/late adjustments

  • Death coverage

  • Benefit formula

  • Employee paid benefit

  • Optional forms

  • 415 limits parameters

You also set up the other three consolidations definitions in the Components menu:

  • Earnings consolidation

  • Hours consolidation

  • Contributions consolidation

Pension Plan Implementation

The Pension Plan Implementation menu contains pages where you set up critical plan-specific actions, such as the plan implementation, plan order, and plan aliases, as well as employee groups and function results. You apply the definitions that you created in the Components menu to a specific plan and construct the final calculation jobstream for the plan.

Utilities

The Utilities menu contains useful ways to audit your plan implementation. It also includes the Pension Processing Trace page, where you can track down errors encountered during a calculation.

Calculation Tables

The Calculation Tables menu contains pages for setting up and maintaining a variety of important pension lookup tables such as 401(a)(17) limits, interest rates, and wage bases.

Note: You can access the Calculation Tables pages from either the Set Up HCM menu or the Pension menu. Both menus have the same functionality, and you can update or view the same information in both locations.

Self Service Calc Defaults

On the Self Service Calc Defaults page, you can define rules specifying the functionality users have when calculating their own pension benefits online.

There are several menus in the Pension menu group:

  • Pension Information

  • Periodic Processes

  • Calculations

  • Review Calculations

  • Payments

  • Domestic Relations Order

  • Update Regulatory Information

  • Define Calculation Tables

  • Reports

Each menu is discussed in detail here.

Pension Information

On the Pension Information menu, you can:

  • View and maintain employee pension-related data, including data related to employee contributions.

  • Track pension-related activities and communications.

  • Administer information about payees, such as adjusting payment amounts, applying cost of living adjustments, and responding to the death of a payee.

Periodic Processes

You use the Periodic Processes menu to administer ongoing measurements for service, earnings, and contributions for a payee.

Calculations

Use the Calculations menu to generate pension benefit amounts. You can:

  • Create calculations group lists.

  • Run calculations.

  • Produce calculation worksheets.

Review Calculations

On the Review Calculations menu, you can look at different calculation results. It contains view-only pages.

Payments

The Payments menu contains pages where you create payees and process payments for active retirees. This includes pages where you can identify and schedule pension payments and produce the trustee extract.

Domestic Relations Order

The Domestic Relations Order menu contains pages where you track QDRO-related information.

Update Regulatory Information

The Update Regulatory Information menu contains pages where you can maintain employee-specific regulatory information, such as historical 415(e) limits and social security earnings.

Define Calculation Tables

The Define Calculation Tables menu is a duplicate of the Calculation Tables menu under Set Up HCM. You can define your calculation tables under either the Set Up HCM menu or the Pension menu.

Reports

The Reports menu contains pages where you can set up information to run pension reports.