The Benefit Payment Set Provision (Vesting/Pre Ret Dth) Screen is used to specify vesting parameters for a Benefit Payment Set Provision, as well as define the reduction for pre-retirement death benefit coverage (if any).
- Vesting Adjustment Formula: enter the formula used to determine vesting percentage.
- Date First Vested: enter the formula that defines the date upon which a Person first becomes vested in the benefit under the current provision.
- Date Fully Vested: enter the formula for determining the date upon which a Person becomes fully vested in the benefit under the current provision.
If the date is the same as the date a Person first becomes vested, the box labeled Same as Date First Vested should be checked. This is applicable in the case of plans with cliff vesting.
- Employee-paid Pre Retirement Death Reduction Formula: if applicable, enter the formula that defines the reduction in benefits for employee-paid pre-retirement death benefit coverage.
- Fully vested at Normal Retirement Date: check this box to grant all Participants fully-vested status upon reaching Normal Retirement Date.
