Employee Pension Data Review and Maintenance

A pension is often based on the entire work history of an individual. This could be as much as 30, 40, or even 50 years. Many things can happen over such a period of time. People get raises, change work schedules, marry, divorce, name beneficiaries, change beneficiaries, take death coverage, cancel death coverage, go on disability, come off disability, retire, and die.

With Pension Administration, pension data is always available. Data is readily available to verify tax elections, update beneficiary information, or view the information that affects plan participants. The employee data pages are a useful tool for employee retirement counseling. When employees have questions about their earnings or service history, you can use these pages to review the data with them.

Active Employee Administration

Even before employees retire, it is important to work closely with them. When they ask about their pension accruals, you can look up the information and thereby demonstrate the integrity of the personal and job information used in calculations.

If the organization sponsors contributory plans, you are involved in a number of tasks specific to administering employee contributions.

Employee Data Review

Pension Administration provides a number of pages for viewing information about active employees.

The Review Employee Information pages (in the Pension, Pension Information menu), enable viewing personal data about employees and beneficiaries.

The Review Job History pages (in the Pension, Pension Information menu) enable viewing data related to employees' jobs including: salary rates, hourly or salaried status, full- and part-time status, regular or temporary status, and the action and reason history.

Note:

Data in these two components cannot be edited on the pension pages because it is "owned" by the human resources department. To make changes to the data, select Workforce Administration, Personal Information or Workforce Administration, Job Information.

The Review Plan History pages (in the Pension, Pension Information menu) enable viewing the results of certain periodic processing functions including:

  • Eligibility and participation history.

  • Service history.

  • Cash balance history.

  • Employee account history.

Note:

The Review Plan History pages show the results of periodic processing; you cannot use these pages to edit this information. You can make manual adjustments to the service, cash balance, and employee account information by selecting Pension, and then Pension Information, and then Update Employee Plan Data. The next periodic processing run picks up the manual adjustments. After it runs, the Review Plan History pages show the updated information.