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Retirement Member Profile
View the details of an employee's retirement system and/or plan, or enroll an employee in one or many retirement systems and associated plans. New profiles may be added for individual employees. Existing profiles may be viewed, edited, or deleted.
A Retirement Member Profile must exist before retirement deductions and benefits can work properly with associated pay records. Different pay records can have different retirement systems and plans. One pay record might make an employee exempt from or a participant in one retirement system and plan, while another pay record allows them to participate in a different system and plan. This feature is controlled not only by the existence of the appropriate Retirement Member Profile records, but the proper application of the appropriate deduction and benefit records to the pay records.
The Retirement Member Profile Eligibility Start and Stop Dates will determine when the deduction and benefit control records will start and stop. Prior to Retirement Rewrite release of 2010, the deduction and benefit control start and stop dates controlled their respective deduction and benefit amounts.
Note: After the 2010 rewrite release, it is best to leave retirement deduction and benefit control start dates blank, thus ensuring the selected deduction or benefit record will be available for the payroll calculation process.
The Retirement Member Profile, after the 2010 rewrite release, has a greater importance in controlling employee reporting to DRS.
The Retirement Member Profile record establishes the beginning and ending earning period for the employee for each retirement system and plan.
Enter the first day of retirement eligibility in the Eligibility Start Date and conversely, upon separation, their last eligible day in the Eligibility End Date. The Eligibility Start and End Dates control the starting and stopping of the retirement deduction or benefit. When an Eligibility Start or End Date is entered, the system will notify you that this date will be sent on the next transmittal. Start and end dates should not overlap between different systems and plans for each employee.
Note: Membership profile that start and end on the same day are not used, e.g. 8/30/xx – 8/30/xx. The start and end date must be at least one day to be counted for retirement, e.g. 8/30/xx – 8/31/xx.
Note: Per DRS correspondence, Email 11-018, a 3D choice record that does not have an Option Code of A and an Investment Manager of SELF will be rejected by DRS as of July 22, 2011. The Retirement Member Profile screen now defaults the required Option Code of “A” and the required Investment Manager of “SELF” when the Choice Code of “3D” is selected and no previously saved values exist for these fields.
Retirement Adjustments
Retirement adjustments are sometimes necessary to correct prior reporting periods. Before adjustments can be entered the employee must have a pay record that is associated with the appropriate deductions and benefits records for the retirement system and plan.
Pay records are necessary because retirement adjustments often involve employer costs. These costs must be distributed to the accounting system through a pay records.
Retirement adjustments are selected for processing by the payroll run when the pay record is selected. The retirement calculation process recognizes when the pay record is selected by the pay code. When the pay code is selected, the adjustment is then applied to the person’s check and to the retirement transmittal.
Adjustments normally are transactions in addition to or independent of the transactions created by the payroll calculation process. The transaction values can be positive or negative depending on the client’s need.
Include in Calc (balancing)
If the adjustment’s pay code is associated with a contract, the client can choose to ‘Include in Calc’ or to include the adjustment transaction into the contract transactions for balancing.
Adjustments to contract pay codes are usually not needed because changes to contracts, calendars and plans are rebalanced each time a payment is made. As a general rule, if an adjustment is entered for a current year contract, the Include in Calc option should be chosen.
This option is used to account for amounts entered directly into WBET to ensure they are correctly accounted for in contract balancing. It can also be used to adjust deduction and benefit amounts edited by DRS because they do not match the compensation that has been reported for that earning period. In these situations the Do not Report to DRS option is also selected.
Note: This checkbox is effective when associated with pay codes associated with contracts. If the pay code is not associated with a contract, then the checkbox will have no effect on the adjustment.
Do Not Report to DRS
The client can also determine if an adjustment is reported to DRS after being processed by the payroll. At times DRS may reject a transaction and the client desires to process that rejection through the system such that the employee is compensated correctly and the Retirement History Report balances with DRS. Selecting, ‘Do not Report to DRS’ will process the adjustment but not send the transaction on the DRS Transmittal. The transaction is only applied to the retirement history transactions. The transactions will continue to affect the persons pay, deduction, or benefit. The vendor amount will increase or decrease reflecting the employee and employer adjustment. The employee and employer adjustments will not be in the transmittal.
Adjustments may be viewed, downloaded to an Excel spreadsheet, or printed as a report.
Override System Plan
The client can manually assign a System, Plan, and Type combination if the adjustment is not for the combination in effect for the Earning Period.
Page Updated 11/2011