Creating Function Result and Actuarial Factor Aliases

To create function result actuarial factor aliases, use the Function Result Aliases (FNC_RSLT_ALIASES) and Factor Aliases (FACTOR_DEFINITIONS) components.

Page Name

Definition Name

Usage

Function Result Aliases

PA_ALIAS_AUTO_ASGN

Create a function result alias.

Factor Alias Page

PA_FACTOR_SETUP

Set up the factor parameters.

Use the Function Result Aliases page (PA_ALIAS_AUTO_ASGN) to create a function result alias.

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Set Up HCM > Product Related > Pension > Variable Definitions > Function Result Aliases > Function Result Aliases

This example illustrates the fields and controls on the Function Result Aliases page.

Function Result Aliases page

Field or Control

Description

Associated Function Result

Select the function result that produces the extra value.

Associated Concept

Select the results you want to reference:

  • Lim Cash Bal @ Lump Sum Date (limited cash balance at lump sum date).

  • Limited Average Earnings.

  • Limited Cash Balance @ BCD (limited cash balance at benefit commencement date).

  • Limited Cash Balance @ NRD (limited cash balance at normal retirement date).

  • Participation Date.

  • Unlim Cash Bal @ Lump Sum Date (unlimited cash balance at lump sum date).

  • Unlimited Average Earnings.

  • Unlimited Cash Balance at BCD (unlimited cash balance at benefit commencement date).

  • Unlimited Cash Balance at NRD (unlimited cash balance at normal retirement date).

Use the Factor Alias page (PA_FACTOR_SETUP) to set up the factor parameters.

The factor utility calculates actuarial factors that convert payment amounts from one optional form of payment to another. You use the Factor Alias page to specify the information that the factor utility uses in this conversion.

Navigation:

Set Up HCM > Product Related > Pension > Variable Definitions > Factor Alias > Factor Alias

This example illustrates the fields and controls on the Factor Alias page.

Factor Alias page

Actuarial Assumption Set

Field or Control

Description

Assumption Set Name

An actuarial assumption set incorporates assumptions about mortality, interest, and payment frequency. For example, if you want to convert from a lump sum to a monthly annuity, the actuarial assumptions should specify a monthly payment frequency.

Employee Age

Enter the annuitant's age.

Beneficiary Age

Enter the beneficiary's age.

You can enter constant ages or aliases for these fields.

From and To

A factor is used to convert payments from one form to another—for example, from a lump sum to a single life annuity, or from a single life annuity to a 50 percent joint and survivor annuity. You define the two payment forms in the From and To group boxes.

Field or Control

Description

Form Code

Describe each form by entering a form code. Select from these options: Certain Only Installment, Joint and Survivor Annuity, Life Annuity, Level Income Option, Last to Survive Annuity, Lump Sum, Pop Up Annuity, Reversionary Annuity.

There is also a Spouse J&S Demonstration option. This is used on the optional forms pages when a plan provides an automatic benefit to a spouse. Do not select this option on the Factor Alias page; instead, use Joint and Survivor Annuity.

Certain forms incorporate additional parameters, which are specified in Years Certain and Pct Continued fields.

Field or Control

Description

Years Certain

Enter the number of years certain if:

  • You select the Form Code Certain Only Installment.

  • You want to specify a guaranteed number of payments for any of the annuity options.

For example, to enter a 5-year certain and continuous form, select Life Annuity in the Form Code field, and enter 5 in the Years Certain field.

Pct Continued (percent continued)

If the option includes a survivor benefit, enter the percent continued to indicate the survivor's continuing percentage of the original annuity. For example, joint and survivor and last to survive annuities include survivor benefits.

For example, to enter a 50 percent joint and survivor form, select Joint and Survivor Annuity in the Form Code field, and enter 50 in the Pct Continued field.