Retirement Plans

There are three benefit plan types: Life Insurance, Retirement Plans, and Health Insurance.

After you have set up the Benefit Type in Type Code Maintenance, there are two steps that must be followed to set up a new plan before an employee can be enrolled:

  • The company providing the plan (life insurance carrier, health insurance carrier, or retirement plan trustee) must be set up in the Type Codes function.
  • The plan details (group number, deduction frequency, waiting period/minimum age, etc.) must be set up.

After this setup has been done, refer to the specific plan under Individuals maintenance to enroll an individual.

  1. To create a new plan, use the New button on the toolbar.
  2. Enter or select the Description of the plan.
  3. If you are creating a new retirement plan, you can copy from an existing plan using the Copy From field drop-down list.
  4. Choose the Frequency of deductions from the drop-down list. To add a new frequency, double-click the blue link to open the Type Codes maintenance screen.
  5. Enter the policy's Account Number.
  6. Enter the Minimum Age allowed for this retirement plan.
  7. Enter the percentage of the contribution matched by the employer in the Employer Match Percent (%) field.
  8. Enter the maximum amount matched by the employer in the Employer Max Match field.
  9. Select the company providing the plan from the Trustee drop-down list. To add a new trustee, double-click the blue link to open the Type Codes maintenance screen.
  10. In the Waiting Period (days) field, enter the number of days after the employee's start date until the employee is eligible for the plan.
  11. Enter the maximum dollar amount the employee can contribute to the plan in the Max Contribution field.
  12. Mark the Loans Allowed check box if the plan allows for employee loans.
  13. Enter funds:
    • Press the Add Record button () at the bottom of the screen to add data.
    • Enter a Description for the fund.
    • Mark the Active check box if the fund is active.

To remove a fund, select the fund code then click the Delete button ().

Click the Save button on the toolbar to save your changes.