Paying Terminated Vested Employees

You establish the payee record for a terminated vested employee at the time of the termination, so you do not need to perform this task when the employee is ready to start receiving payments.

You usually run a new calculation for a terminated vested employee. There are at least two reasons to do this: First, depending on when the employee elects to retire, there may be early or late retirement adjustments. Second, if an employee's marital status has changed, the optional forms of payment calculations are affected.

After you run a retirement calculation, you complete the steps for retiring the employee: protect the calculation, select the optional form of payment, and schedule the payment. You can delete the optional form of payment selection and payment schedule that you set up at the time of termination. These are placeholders that were set up so that the actuarial valuation extract could access the benefit information. After you enter the actual payment information, the placeholders are no longer necessary.

Remember to record tax, direct deposit, and deduction information, and to use activity lists to monitor the flow of retirement paperwork.

The following table summarizes the actions you perform when a terminated vested employee retires:

Task	Page	Navigation
Recalculate the benefit, if necessary, and prepare a benefit statement.	Request Calculation	Pension, Calculations, Request Calculation, Request Calculation
Protect the calculation and the results from deletion.	Protect Calculations	Pension, Calculations, Protect Calculations, Protect Calculations
Select an optional form of payment.	Identify Optional Form	Pension, Payments, Identify Optional Form, Identify Optional Form
Record tax, direct deposit, and deduction information.	Identify Payment-Related Info	Pension, Payments, Identify Payment-Related Info, Identify Payment-Related Info
Schedule the payment.	Payee Payment Schedule	Pension, Payments, Request Payment Schedule, Payee Payment Schedule