The Apply ITA maximum pension check box asks if the service-related dollar limit to a pension under the Income Tax Act (ITA), including early retirement reductions to that maximum pension limit, applies to this particular benefit. Check the box to limit the benefit and have ProVal apply the service-related dollar limit, with adjustment for early retirement. If you check this box, the Adjustments button becomes accessible; click it to access the parameters to adjust the ITA maximum pension for payment on a form requiring adjustment under statute (and any other relevant published guidance). For more information about how ProVal handles the ITA maximum pension, and for details about coding adjustment for the benefit’s payment form, see ITA Maximum Pension. If the box has not been checked, then ProVal will apply no ITA limit to the benefit value derived under this Benefit Definition.

Note that although the Apply ITA maximum pension box appears only in the Canadian registered mode, the ITA maximum pension limit is available through use of the #CANMAX operator in all modes of operation.

Check the box to Include in calculation of excess contributions if you would like this benefit definition to be included in ProVal's automatic calculation of excess contributions. See the technical reference article Canadian excess contributions for more details.

The parameters under Solvency & Windup are intended to facilitate measuring the liability associated with commuted values for solvency and windup liabilities.  Check the box this is an earliest unreduced age benefit to indicate that this benefit definition should be excluded from the most valuable age calculation.  For a benefit definition initiated by the retirement contingency, specify whether this benefit is applicable to all participants, participants who will grow-in to the eligibility, or participants eligible on the valuation date.  This parameter is useful when you wish to assume a commuted value for participants who grow-in to retirement eligibility but an annuity for those eligible on the valuation date.  For more details on measuring commuted values in ProVal, see the article "Canadian Commuted Values" in the What's New 3.15.