Pension Plan Rules Overview
Every pension plan is unique, so Pension Administration offers maximum flexibility for implementing pension plan rules. Nineteen core functions combine to produce a final pension benefit in all its optional forms of payment. Each of these functions has an extensive set of parameters for mapping to the plan rules. If the parameters must be modified, numerous predefined user exits exist for custom code.
The effective date design of the PeopleSoft system gives you a complete history of the pension rules, whether they were changed two years ago or whether the desired change is two months away. You can "roll back" the system to a particular point in time from which you can perform historical calculations for employees to ensure against cutbacks due to plan amendments or regulatory changes. In addition, you can project the impact of potential plan changes on employee benefits.
Special employee group processing enables using different rules for employees who meet specific criteria—for example, eligibility for grandfathered benefits, eligibility for a special incentive early retirement offering, or any other criteria you specify.