The Benefit Payment Set Definition Screen is used to define general features of the Benefit Payment Set, such as the frequency of benefit payments and the 415(b) maximum benefit limitation. It is here that you can also direct the system to check for decreases in the accrued benefit over a Person's employment period.

The specific parameters of the Benefit Payment Set itself (such as the accrued benefit, early retirement benefit, optional payment forms and Normal Retirement Date) are defined using the Benefit Payment Set Provision screens. If the parameters vary over time, more than one provision is set up.

• Description: space to provide a brief description of the Benefit Payment Set Definition.
• Guarantee that accrued benefit never drops over employment period: check this box to have the system check and ensure no decreases in accrued benefit over a Person's employment period.
  
  Select the blue Dates button to access the Accrued Benefit Dates screen. Here, you can specify the date and frequency for calculating the accrued benefit when checking for decreases. Double-click an entry to open the Accrued Benefit Dates Detail screen and adjust the Effective Period and Calculation Frequency of the entry. Check the Calculate benefit on prior day to push the calculation back one day before the entered date.
• For employees with more than one termination date, calculate the benefit on each termination date and then sum to get total benefit: select this box to direct the system to calculate a Person's accrued benefit on each termination date for those with multiple term dates. The system will then sum the calculated amounts to determine the Person's total accrued benefit.
• Use when determining plan vested status: check this box to select this Benefit Payment Set as the one that is used to determine vested status for the Plan.
• Frequency of Benefit Payments: select the frequency upon which benefit payments are to be made to participants (e.g., monthly).
• Portal API Benefit Type: used to identify benefit type for APIs being accessed through the Internet Portal (rarely applicable).
• 415(b) Benefit Limitation Parameters: this section is used to define the 415(b) maximum benefit limitation for this Benefit Payment Set.
• Apply 415(b) Benefit: check this box if you wish to apply the 415(b) maximum benefit limitation. If this box is left unchecked, no limit will be applied.
• Special Rules: check which if any of the following special rules you wish to use when calculating the 415(b) maximum.
• Police and Fire Benefit: for Police and Fire benefits.
• Collectively Bargained Benefit: for benefits that are subject to collective bargaining.
• Commercial Pilot Benefit for benefits subject to the special rule for Commercial Pilots.
• Adjustment for Normal Form other than Life Annuity: the amount determined by the formula entered here will be multiplied by the calculated 415(b) limit. This is most commonly used to adjust the limit for a normal form of benefit other than a life annuity.
• Limitation Year: use the boxes labeled Month and Day to specify when the 415 limitation year begins. This generally corresponds to the calendar year or plan year. It is the date upon which the new benefit limit first takes effect.
• Plan Interest Rate: specify the plan interest rate used when determining actuarial equivalence for 415(b) maximum benefits at different ages.
• 415 Average Compensation Amounts: use this area to indicate which Reported Amounts should be included in the determination of Average Compensation for 415(b) limit calculations.
  
  Use the green "+" and red "-" buttons to add and delete items, respectively. Once added, double click on an item to access the Benefit Payment Set Definition 415(b) Compensation screen.
• Advanced: select the blue Advanced button to access an additional screen where you can view/edit the more advanced features of the 415(b) maximum benefit limitation calculation.
• Val Extract: use this button to assign information to the Available Columns of the valuation extract for the Benefit Payment Set and define Column Headers.