Benefit Formula Components are the fundamental building blocks from which the benefit formula is constructed. There are eight (8) types of benefit formula components in ProAdmin. For more detailed information on a particular type of benefit component click on the name below:

• Accrual definition is a special type of component that captures the growth in most pay-based, service-based, points-based or, less commonly, age-based benefit formulas.

• Annuity Factor is a component that calculates annuity present value factors.

• Constant is a component that may be either a constant value for all records or a value that depends upon the contents of a coded field in the Data Dictionary.

• Database field is a component that may be either a data dictionary field or an expression.

• Interest Factor is a component that calculates an interest factor.

• Late Retirement is a component that adds late retirement increases to another benefit formula component (typically a subformula component)

• SubFormula is a component that allows you to create reusable benefit components.

• Table (Benefit Component or Conversion) is a component that may be either a single table for all records or a collection of tables chosen according to the contents of a coded field in the database.

While each type of component has their own distinct type of parameters they all share three common parameters:

Name must begin with a character, and may consist of characters, numbers, and underscore. When naming a benefit formula component with the end result of a date, adding the three characters _DT to the end of the component name will display the date in readable date format in the detailed result.

Description can be a phrase of any length and may contain any character or symbol.

Component type indicates the class of benefit formula component of which this object is a member.

The rest of the screen will change to present only the parameters that apply to the type of benefit formula component selected.