Fractional future accruals for benefit service
QUESTION: My plan credits benefit service at the rate of 0.1 years of service per 150 hours worked, up to a maximum of 1 per year. I have calculated the fraction of benefit service, SVCFRAC, that accrues for each active participant in a year. How can I incorporate fractional service accruals in ProVal?
ANSWER: Specify service for benefit accrual using a Service Definition with fractional service accruals using the field SVCFRAC.