Plan Definitions - German mode

Benefits for active and terminated vested participants are determined by the Plan Definition. The Plan Definition is simply a collection of Benefit Promises, where Benefit Promises are collections of individual benefits payable under various contingencies.

Plan name is a text field for the name of the plan for which benefits are defined.

Benefit Promises lists all of the Benefit Promises that have already been identified as a part of this plan (Plan Definition). To edit an existing Benefit Promise or to omit it from the Plan Definition, double-click the Benefit Promise entry or select an entry and click the Edit button. To create a new Benefit Promise, click the New button. To add or omit several Benefit Promises at a time, click the Add/Omit button, which leads you to a list of Benefit Promises unhidden in the current Project. Check off any Benefit Promises to include in the plan and uncheck any Benefit Promises you wish to omit from the plan. See Benefit Promises for more information. The Benefit Promises field contains a Note column. The letter "Y" indicates that notes have been saved for the entry. Using a mouse to hover over a "Y" will show a tool tip containing the beginning portion of the note text.

Click the Map button to value Benefit Promises only for specified database codes. See Map database codes to Benefit Promises for details.

Legal Vesting Service is used for all benefits in Benefit Promises of the Pension type that are included in this Plan Definition (vesting does not apply to Benefit Promises of the Jubilee type). It may be defined by specifying a database Field or a Service Definition, to indicate when legal vesting service commences (if a date field is selected) or the amount of legal vesting service the participant has as of the valuation date (if a numeric field is selected). Alternatively, selecting “<date of hire>” as the field indicates that, depending on the database record’s ProVal status, the date of hire field specified (for active participants) under the Active Data topic of the Census Specifications is to be used or that the date of hire field specified (for terminated vested participants) under the Terminated Vested Data topic of the Census Specifications is to be used. The vesting service defined here will be used for all vesting, whether legal or contractual. Specifically, it will determine the numerator and denominator of the pro rata temporis fraction and determine vesting eligibility.

Select the legal vesting service from among the database fields and Service Definitions unhidden in the current Project. The button accesses the Service Definition library, allowing you to modify an existing Service Definition or create a new one.

Select a topic to edit lets you access the following parameters:

Plan Attributes - final average salary methodology, and frequency and timing of benefit payments

Plan Constants - values for plan constants used in building the plan definition