Understanding Periodic Processing for Pension Status Codes

Periodic processes are processes that you run on a regular basis to maintain your pension data. You can run periodic processes for all employees at once, for individual employees, or for employees that meet the criteria that you define in a custom statement. You can run periodic processes for one plan at a time or for all plans at once.

Pension Statuses is a periodic process that maintains the pension status codes. When you run this process, the system processes each employee whose current status is maintained through periodic processing (that is, an employee with an active or terminated status). The process evaluates each employee according to the status code definitions that you set up. Based on the results of this evaluation, a new status code is assigned. The effective date of the new status is the date of the periodic processing job.

If your status code definitions rely on calculated values, such as service, run the relevant calculation in the same periodic processing job that determines pension statuses. Otherwise, the needed values (in this case, service values) are not available.

It is important to run this process regularly—at least monthly—to keep the pension status codes current.