Business Processes

Pension Administration supports the following business processes:

• Set Up Administration Information.

  Some general administrative tasks relate to the plan itself, rather than to specific plan participants that you set up in the system: basic identifying information, valid funding providers, companies used to house the plan's payees in the PeopleSoft system, and generic checklists for administrative processes.

• Administer Active Employees.

  Even before employees retire, it is important to work closely with them. Using Pension Administration, it is possible to check an employee's pension accruals, administer employee contributions to contributory plans, verify tax elections, update beneficiary information, or look at any of the multitude of information that affects the plan participants.

• Calculate Benefits.

  Pension Administration enables producing on-demand pension calculations for individuals and groups, and scheduling batch calculation runs. Estimates and "what-if" calculations automatically incorporate the projection rules you have defined. Effective-dated plan rules enable producing historical calculations and allow for easy administration of grandfathering and "better of" benefits.

• Administer Payees.

  Pension Administration tracks all types of pension payees: retirees, their beneficiaries, and alternate payees entitled to a portion of a pension benefit due to a Qualified Domestic Relations Order (QDRO). Activity and communications tracking enable monitoring forms, waivers, verifications, and all the other paperwork associated with pension benefits. PeopleSoft assumes that a third-party trustee produces pension checks and W-2P and 1099-R forms. A trustee extract provides the trustee with the necessary payment instructions, including tax elections, direct deposit information, and deductions. The system keeps a running summary of total taxable and nontaxable benefits paid so you can ensure that retirees completely recover any contributions they have made toward their pension benefits. An actuarial valuation extract provides the plan actuary with the information needed to make a determination of plan liabilities. Participant counts can be used for Form 5500 reporting.