The Person Benefit Payment Administration screen displays benefit payment information used primarily for the payment administration of pension benefits.

• Withholding Overrides (per Benefit Distribution): area to specify amounts withheld with each payment for Federal, State, and Local withholding. For state and local withholding, the state and local Code should also be entered. Note that these amounts should be considered to be overrides and if they are not entered here, then withholding will be calculated based upon the participant withholding elections.
• Payment Frequency: dropdown box to specify how often that payments are to be made (monthly for example).
• Distribution Code for 1099R: dropdown box to specify what type of distribution this is for IRS Form 1099R reporting purposes.
• Non-taxable Period (months): define the number of months that are defined as being non-taxable.
• Use PensionSoft Benefit Payment Service Processing (BPSP) for benefit payment: enables payment processing capabilities through PensionSoft and a selected Payment Service Provider. Contact PensionSoft for more information on available license permissions.
• Payment Distribution: enter details regarding the method of distributing payments in this section.
  
  
  • Method of Payment: space to indicate who should receive the check or Electronic Fund Transfer (EFT).
  • First Payment Uses Alternate Method: checkbox and space to indicate whether the first payment should use an alternate method of payment.
  • Check Sent/Client Reference#/ID: space to record check number for up to 3 checks (rarely used and usually only for lump sum processing).
• Amounts Paid to Alternate Depository Institutions (per Benefit Distribution): when a Person has additional Depository Institutions set up, use this area to indicate the dollar amount to be sent to that institution. All remaining amounts will then be sent to the default Depository Institution.