The Benefit Payment Set Provision (Main) Screen is the main benefit screen used to define the current provision's accrued benefit payable at Normal Retirement Date (NRD), as well as NRD itself. In addition, specifics of the relative value comparisons are defined here.

Multiple Benefit Payment Set Provisions are needed if benefit parameters vary through time, with each provision defining the set of conditions for a given time period.

Additional Benefit Payment Set Provision screens are used to provide more detailed benefit payment information regarding specific benefit features such as early/late retirement, vesting, and optional forms of payment.

• Period: details the period of time for which this Benefit Payment Set Provision applies. The Effective Date is the start of the first period these particular parameters are applicable and the Stop Date is the end date. If the provision continues to apply without an end date, check the None box for the Stop Date.
• Benefit Formula (annual benefit payable at Normal Retirement Date): space to specify the benefit formula for the current provision. This represents the benefit amount payable annually at NRD prior to any adjustments for early or late retirement, vesting, or optional forms of payment.
• Benefit Rounding: use the Rounding Type, Rounding Unit, and Alternate Round Unit fields to indicate how to round the benefit amount.
• Normal Retirement Date: enter the Normal Retirement Date associated with the current provision's accrued benefit. This is the date the unadjusted benefit (as specified in the Benefit Formula field) is payable.
  
  If a plan provides for a special unreduced benefit when certain conditions are met, do not specify such date/amount here (for example, benefits are unreduced if an employee has 30 years of service). This should be covered in the early retirement provisions instead.
• Relative Value Corridor: check the box labeled Do not display relative values if within following corridor if you wish to enter a range within which relative values are not displayed when comparing the value of the optional forms of payment. The basic idea is that if the relative value is within this corridor, the optional form of benefit is deemed be approximately equal and described as such.
  
  Enter the corridor limits in the boxes labeled Minimum and Maximum.
• Base Benefit for Relative Value Comparison: this section is used to specify the base value to which the system compares the value of all optional forms of benefit for the purpose of determining relative value. This is for the denominator of the relative value comparison.
  
  Indicate the base value separately for single and married participants in the sections labeled Single Participants and Married Participants, respectively.
• Form of Payment: select from the following options for the base value.
• Single Normal Form: compares the value of each option to the value of the single normal form measured at Annuity Commencement Date.
• Married Normal Form: compares the value of each option to the value of the married normal form measured at Annuity Commencement Date.
• Product of NRD Ben and Factor: compares the value of each option to the value of the single normal form payable at NRD multiplied by an annuity factor, as selected in the Annuity Factor Definition field below.
• Product of NRD Ben and Formula: compares the value of each option to the value of the single normal form payable at NRD multiplied by a formula, as entered in the box labeled Formula below.
• Annuity Factor Definition: if "Product of NRD Ben and Factor" is selected above, choose the applicable Annuity Factor Definition to use when determining the base value.
• Formula: if "Product of NRD Ben and Formula" is selected above, enter the applicable formula to use when determining the base value.

• Formula Functions