The Benefit Payment Set Provision Optional Benefits - Level Income Screen allows user to specify how to determine benefit amounts under an option that is indicated as being a Social Security Level Income type of benefit option.
- Annual Social Security Amount: this may be either a Social Security PIA Definition or a Formula Derived Item. Choose which type of item and the definition name from the choices shown.
- Age Social Security is Assumed Paid: area to specify the date that Social Security Payments are assumed to begin. This may be a Fixed Age, Formula Derived Item, or the Social Security Retirement Date, rounded according to the selected Payment Age Rounding Type. The two benefit amounts calculated under this option will then be split between benefits payable before and after this date.
- Annuity Definition for Benefit Equivalence: DB Precision will use the actuarial equivalence and payment options from the chosen Annuity Definition to create a payment stream that is actuarially equivalent to the single normal form.
- Minimum Annual Plan Benefit Post-PIA: some plans define a minimum amount that is payable after the assumed Social Security payment date. If this plan specifies a minimum, enter this amount in this box.
- Annuity Definition for Relative Value: if calculating the relative value of the PIA Level Income benefit option, select the applicable Annuity Definition here.