The Benefit Payment Set Provision (Early) Screen is used to define early retirement benefits for the current provision. This includes early retirement eligibilities and benefit amounts.
- Early Benefits: this box lists the early retirement benefits for the current provision. Use the "+" and the "-" buttons to add and delete a benefit, respectively.
Select/highlight a benefit on the list to view, edit, or enter its eligibility and benefit adjustment in the boxes below.
- Date Participant is Eligible for Benefit: enter the formula that defines the date upon which a Person becomes eligible for the selected early retirement benefit.
Select the box labeled Ineligible for benefit if terminated prior to this date if a Person is not allowed to grow into eligibility for early retirement after termination.
If this formula is left blank, then DB Precision will assume that eligibility for this benefit begins on hire date.
- Benefit Adjustment: select either Function of Initial Benefit or Separate Benefit Formula and then enter the applicable formula used to determine early retirement benefit amount.
If Function of Initial Benefit is selected, enter the formula that defines the percentage of the normal retirement benefit that is payable upon early retirement. In this case, the system calculates the formula and then multiplies the result by normal retirement benefit (as defined on the Benefit Payment Set Provision (Main) screen) to determine the early retirement benefit amount.
If Separate Benefit Formula is selected, enter the formula that defines the early retirement benefit itself, including accrued benefit and any applicable reduction.
If this formula is left blank, then DB Precision will assume that there is no reduction for this benefit and the benefit for the provision will equal 100% of the accrued benefit.
