BASE BENEFITS 8.9 TRAINING GUIDE SAVINGS PLAN ELECTIONS

Transcription

1 BASE BENEFITS 8.9 TAINING GUIDE SAVINGS PLAN ELECTINS

2 TABLE F CNTENTS 1. INTDUCTIN SAVINGS PLANS BENEFITS: FUNCTIN: BASE BENEFITS BJECTIVE(S) ENTANCE CITEIA PEEQUISITE(S)/PECEDING PCESS(ES) INPUT DATA SAVINGS PLANS ELECTINS ACCESS SAVINGS PLANS PAGE BY FLLWING THE NAVIGATIN PATH CLSING/CMMENTS...8

3 1. INTDUCTIN 1.1. Savings Plans Benefits: <Training Content is created by the functional teams as they develop the process and the system. Insert any overall introduction here although for training content the brief statement of Process, Application and bjective that follow are usually sufficient unless this document is to serve as the final training material.> Enrolling employees in a benefit program allows them to be ready for the second part of the enrollment process, which is to be enrolled in the appropriate benefit plans. The Savings Plans page allows the employee s participation in savings-type benefits such as 401(k), profit sharing, and individual retirement accounts (IAs) to be recorded. Beneficiaries and percentages of benefit to be assigned to each beneficiary may also be recorded. Note: Employees can only be enrolled in the benefit plans associated with the benefit program that they were assigned. Available options are based on the effective date of both the program and the benefit plan. The system checks both dates against the employee s enrollment date Function: Base Benefits 1.3. bjective(s) By the end of this chapter the user will be able to: Enroll employee into a Savings plan Assign beneficiaries to the employee s Savings plan coverage Allocate employee s investment options 2. ENTANCE CITEIA 2.1. Prerequisite(s)/Preceding Process(es) <The training team should identify prerequisites to training (e.g. Basic Navigation of Peoplesoft, Security access to systems, etc.) > 2.2. Input Data < The Training team should document the input form or source (e.g., sample documents, Client data, Training team data) prior to conducting the training exercises. > No. Input Form or Source Field Value / Comments 1 2 1

4 3. SAVINGS PLANS ELECTINS 3.1. Access Savings Plans page by following the navigation path Access Savings Plans page by following the navigation path. Navigation > Benefits > Enroll in Benefits > Savings Plan Enter as many indicative search fields as needed to select the appropriate employee or narrow the search to a manageable list of employees matching the search criteria entered. Entry into at least one field is required. Field /Button //C Description Values Comments EmplID Enter an appropriate Employee ID, Benefit ecord Number and/or enter the appropriate Benefit ecord Number, and/or enter a portion of the employee s, Last and/or enter a portion of the employee s Last only, Business Unit and/or enter a portion of the Business Unit, Department and/or enter a portion of the Department, rganizational and/or enter a portion of 2

5 Correct History Explain how <CLIENT> uses the correct history feature Field /Button //C Description Values Comments elationship Alternate Character the rganizational elationship, and/or enter Alternate Character, if applicable (Global feature) Case Sensitive Select this checkbox if you want your search to be case sensitive Include History Correct History Select this checkbox if you want to view all history for this employee Select this checkbox if you need to correct any data for this employee. This feature is not available to all users. Table Legend explanation of //C abbreviations. Legend (equired) The field listed is a required field. Data must be entered for the transaction to be completed. equired fields are designated by an asterisk preceding the field name. (ptional) The field listed is an optional field. Data may be entered but it is not required to complete a transaction. When a business variation warrants data in this field, it should be entered. C (Combined) The field listed is required only if other related fields have not been populated. The requirement is combined across two or more fields; it is required that one of the fields listed be populated. D (Display) The field listed is a display only field. Data cannot be entered into this field. E (Empty) The field listed should be left blank in most cases Press ENTE or click the SEACH button. If the search criteria entered matches only one employee then the following page will render. therwise, a list of employees matching the search criteria will be returned. Select the appropriate employee from the list by double-clicking and the following page will render. 3

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7 Enter appropriate data on the record displayed if this is the first enrollment into savings plan(s) for this employee. If this is a change in enrollment, then insert a row by clicking on the Plus sign in the Coverage section in order to maintain history of benefit enrollment. Complete the appropriate enrollment changes. Plan Type Note: The system looks for this number during the benefits deduction calculation phase to determine in which table to find the processing rules. Field /Button rganizational elationship ID Benefit cd Nbr Plan Type Coverage: Coverage Begin Date Deduction Begin Date Participation Election //C Description Values Comment s Employee : defaults from selection criteria entered on the search page that the system automatically displays. EmplID: defaults from the selection criteria entered on the search page that the system automatically displays. Select the appropriate plan type for the Savings Plan enrollment. Employees may be associated with more than one savings plan type by adding a row at the plan type level. Coverage Begin Date: enter the effective date of coverage for the benefit plan, coverage level and designated beneficiaries. Deduction Begin Date: automatically defaults to the same date that was entered as the Coverage Begin Date. Enter appropriate Deduction Begin Date, if different. Select to define whether the employee is; Elect if the employee is electing For Savings Plan, this always starts with 4X. Elect; Waive; Terminate 5

8 Election Date Note: This date defaults to today s date if the employee is electing coverage. If the employee is waiving or terminating coverage, then the desired effective date of the coverage elect status must be entered. Annual Excess Credit Note: The system verifies that the sum of the Before- and After- Tax Investment values does not exceed the overall investment limit percentage defined for the savings benefit plan on Savings Plan Table. Field /Button Election Date Benefit Program Benefit Plan ption Code Before and After Tax Investment Flat Amount Percent of Earnings //C Description Values Comment s D coverage: Waive if the employee is not electing coverage; and Terminate if the employee is terminating coverage. The system automatically defaults to Elect. Election Date: enter the date on which the enrollment was entered/processed in the system. Benefit Program: automatically displays based on the assigned Benefit Program from the Benefit Program Participation table. This group box is used to define before and after tax investment contributions as a flat amount or percent of earnings. Enter before or after tax investment contribution as a flat amount. Enter before or after tax investment contribution as a percent of earnings. Annual Excess Credit D Displays automatically from the Savings Plan table. Dependent/ Beneficiary ID Note: The selection list includes the beneficiaries that were set up for the employee using the Dependent/Beneficiary Data. Payroll Status Dependent/Ben eficiaries: ID D Defaults from employee s job data that the system automatically displays. Select the beneficiary ID to designate a beneficiary. Based on the Dependent ID selected, the name will automatically populate from the 6

9 ollover ptions Note: The employee must have been enrolled in the rollover option (second option), with zero contribution, in order for the rollover to work. Field /Button //C Description Values Comment s Dependent/Beneficiary table. elationship Based on the Dependent ID selected, the relationship will automatically populate from the Dependent/Beneficiary table. Beneficiary Percentage Total Beneficiary Percentage Investments Investment ptions Investment Percentage Total Investment Percentage ollover ptions D Enter the percent of benefits to be distributed to each beneficiary. The system calculates the total beneficiary percent when the Update Totals button is selected This group box allows selection of investment option and allocation of investment percentage. D Select appropriate investment option. If there is more than one investment option associated with the chosen employee's savings plan, add more rows. Enter selected allocation of investment as a percentage. Investment percentages must total 100 percent before they can be saved into the system. System automatically calculates the total investment percentage when the Update Totals button is selected. Automatically displays from the Savings Plan table. This allows direct rollover contributions from one plan to another when Section 415 or year-todate-limits are met within a pay period. Specified at Plan Level rollover options (if there are any) are defined on Savings Plan table; None no rollover options 7

10 Field /Button //C Description Values Comment s Plan Type Select appropriate benefit type. Benefit Plan Select appropriate benefit plan. Deduction Code Deduction Class Select appropriate deduction code. Select appropriate deduction class, if applicable. allowed; Specified at Employee Level this group box becomes available for entry only if this is the option selected on the Savings Plan table. See Table Legend in section above for an explanation of //C abbreviations Click on bottom of the page to save the record Closing/Comments Key Points: The system verifies that the sum of the Before and After-Tax Investment values does not exceed the overall investment limit percentage defined on the Savings Plan table The Totals for all beneficiaries must equal 100 percent. If they do not, the system displays an error message and will not allow entries to be saved The Total investment percentages must total 100 percent before the record can be saved into the system The (refresh button) indicates that a field operates in deferred mode. Deferred mode means the system does not automatically validate the field The lists all eligible beneficiaries The calculates total beneficiary allocation and investment contributions. 8