The Benefit Payment Set Provision Advance Late Retirement Screen allows users to specify non-standard late retirement benefit rules. These benefits generally include amounts that do not increase actuarially but rather using a formula.

• Other Late Benefits List: list showing non-standard late retirement benefits. Use this area to add, select, and delete such benefits.
• Date Participant is Eligible For Benefit: space to define the date that a person first becomes eligible for the selected late retirement benefit. This is generally equal to the plan's Normal Retirement Date.
  
  
  • Ineligible for benefit if terminated prior to this date: check this box if participants are not eligible for this benefit if they terminated prior to this date.
• Adjusted Benefit: space to define the annual amount of benefit payable for this selected late benefit.
  
  
  • Function of Initial Benefit: select this option if the formula in the Adjusted Benefit formula box is to be multiplies by the annual benefit at Normal Retirement Date.
  • Separate Benefit Formula: select this box if the benefit for the selected late retirement benefit has its own benefit formula.