Ability to Forfeit Plan Balances

You can now configure absence plans to forfeit plan balances on loss of eligibility, on transfer to new legal employee, and on termination. There is a new checkbox called Forfeit positive balance in the Balance Disposition Rules section under the Participation tab of the accrual plan setup page.

Forfeit positive balance option

If you've enabled the checkboxes for transfer of positive balance, rollover balance, disburse balance, and forfeit balance, then the application will process them in the same order.

Forfeit plan balances on loss of eligibility, on transfer to new legal employee, and on termination using a new option.

Steps to Enable

You don't need to do anything to enable this feature.

Tips And Considerations

• When positive balance is forfeited, it appears as an absence transaction in the Details section of the pan.
• If a termination is reversed for an employee whose balance was forfeited, the application restores the forfeited balance to the employee.
• If you select the Disburse positive balance checkbox, the Forfeit positive balance will be disabled.
• When you select the Forfeit positive balance or Disburse positive balance, the Allow prior reinstatement checkbox is disabled.
• When you select the Allow prior reinstatement checkbox, the application disables the Forfeit positive balance and Disburse positive balance checkboxes.