Pension Plan Setup Overview

You set up pension plans in the PeopleSoft HR: Manage Base Benefits tables. After you set up the basic plan definition, you can set up the calculation rules in Pension Administration.

For contributory plans, you can use PeopleSoft HCM to calculate payroll deductions for pension contributions. In this case, you must:

• Create deduction codes.

• Create deduction calculation rules.

• Put the plan into a benefit/deduction program.

• Enroll employees so that the deduction or payroll processing can take the deduction.

  Enrollment doesn't affect pension calculations; it is only used for payroll deductions.