The Conversion from Normal Form topic contains parameters for converting the benefit calculated by the Benefit Definition into the payment form. This topic appears for all payment forms types except the Custom Contingent Joint Life Annuity type, but it is presented significantly differently for the Joint Life & Social Security Level Income Form, so the presentation of the basis conversion options are described in separate articles below.

Conversion from normal form:

	All payment forms except Joint Life & Social Security Level Income
	Joint Life & Social Security Level Income payment form

If Apply minimum actuarial equivalence is checked, the benefit under this optional payment form will be the greater of the benefit based on the specified conversion basis and the benefit based on this minimum actuarial equivalence (possibly also reflecting the 417(e) early retirement factor).  The multi-choice field allows you to select an entry from the Actuarial Equivalence library. When a minimum actuarial equivalence is applied, you may choose to Reflect 417(e) early retirement adjustment. This option is designed for decreasing payment forms (e.g., social security level income options), but is available for most payment form types. (It is not available for pop-ups, certain and joint life forms where the beneficiary benefit ignores the certain period, or for payment form types that do not include the ability to specify a minimum actuarial equivalence.)  Click the Params button to define the adjustment as discussed in the Reflect 417(e) Early Retirement Adjustment topic.  

For joint life & social security level income payment forms, you may choose to Apply to member benefit only. This option uses the plan's assumptions to convert the normal form to a joint life annuity and then it uses the specified minimum actuarial equivalence assumptions to convert the J&S annuity to a social security level income.  As a result, the beneficiary's benefit amount is not impacted by the minimum benefit.

If Convert at deferral date (if later) rather than commencement is checked (the option is only unghosted if the Deferral period setting under Basic Form Parameters is other than None) and the payment form is deferred for a period (e.g., 10 years), the actuarial equivalence for this deferred benefit is determined using immediate factors as of the deferral date. If the payment form is deferred to an age or a date field, for any commencement dates before the deferral date, the actuarial equivalence for the deferred benefit is determined using immediate factors as of the deferral date. If the payment form is deferred to an age or a date field and the commencement date is after the deferral date, the actuarial equivalence is determined based on immediate factors as of the commencement age (i.e., this parameter has no impact if the commencement date is beyond the deferral date).  This option is appropriate, for example, when the payment form reduction is not applicable until Normal Retirement Age for early retirees. This option is available for many, but not all, payment form types.

If If earlier, convert at date field is checked, actuarial equivalence is determined using factors at the earlier of the specified date (per the referenced field) and the commencement age. This is appropriate, for example, when actuarial equivalence is never calculated at a date later than the Normal Retirement Date. This option is available for many, but not all, payment form types.

If both Convert at deferral date (if later) rather than commencement and If earlier, convert at date field are checked and, as specified in the Basic Form Parameters, the annuity is deferred, the calculation first performs the Convert at deferral date (if later) rather than commencement calculation which provides an immediate annuity as of the deferral date.  Next the calculation considers the age at the date field selected in If earlier convert at date field and re-computes the immediate annuity if that age is earlier than the deferral date.

If Calculate factors using beneficiary's age, sex & mortality is checked, the benefit under this optional payment form is determined based on the beneficiary's date of birth and sex as defined in the Beneficiary Data parameters of the Census Specifications.  Also, if checked, the mortality used is the beneficiary mortality selected within the referenced Actuarial Equivalence library entry or entries.  For Social Security Level Income forms, if based on beneficiary's age, sex & mortality, the beneficiary's social security normal retirement age will be used to determine the length of the temporary period and form eligibility, but the PIA itself, if calculated, will reference the member's Census Definitions date of birth. If no beneficiary is defined for a calculation, payment forms with this option selected will not be available. This option is not available for joint life or pop-up payment form types.