Human Resources > Retirement Benefit Tracking > Calculate Retirement Benefit Interest
Use this page to calculate the interest that should be applied to a group of retirees or an individual retiree on money received for the selected plan year. Track Interest must be selected for the associated benefit categories on the Benefits Administration-Retirement pop-up in Maintenance (Maintenance > Human Resources > Benefits Administration > Benefit Plan Maintenance > Edit Category > Retirement button). To have interest calculated on every check payment date, Prorate Partial-Year Payments also must be checked on the same pop-up.
Note: This feature is available to users who license Retirement Tracking and Benefits Administration.
Fields
| Field | Description |
|---|---|
| Current-Year Start Date | Required if enabled. Date range for which retirement benefits are being calculated. The range cannot exceed one year. Only pension or deferred comp categories that are active as of these dates are available as selections on the Category drop-down. |
| Current-Year End Date | |
| Category | Pension or deferred comp category from Benefit Plan Maintenance. The drop-down contains categories that have been set up to track interest for the current plan year and are active within the current-year start and end dates selected. |
| Earned Date |
Required. Work date when interest is applied to an employee's account. The date must fall within the current plan year. The default date is the end date of the current plan year. This date becomes the Transaction Date on the Retirement Account Activity page. |
| Apply Interest for Prior Year | Determines whether the Interest for Prior Years percentage set up on the Benefit Plan Category is applied to prior-year records. |
| Select by | Determines whether employees included in the calculation are selected by Benefit Groups or Employee. Selecting Benefit Groups enables the multi-select list box tabs at the bottom of the page. Selecting Employee enables the Employee field. |
| Employee | Required if enabled. Employee whose retirement interest is being calculated. The drop-down contains the names of employees who are part of the Category selected. You may select the name from the drop-down or by typing the employee number or name in the field and selecting the correct name from a filtered list. |
| Report Only | Determines whether a report of the calculation is run but not the calculation itself. Running only the report gives you the chance to check the results and make necessary changes in the selection criteria before performing and recording the actual calculation. Once the results are correct, uncheck the flag and run the calculation. |
| Comments | Additional comments identifying or adding to the transaction. This field may contain 64 alphanumeric characters. |
Multi-Select List Boxes
The bottom-half of the page contains multi-select list boxes for the selection of benefit groups, departments and employee statuses to associate with the retirement interest calculation.
The tabs are enabled only if Benefit Groups is the Select by selection.
Click a tab to bring it forward. From the alphabetized list of codes in the Available (left) box, select those to use, and click the right-arrow button 
to move the codes to the Selected (right) box. Only active codes are available for selection.
At least one selection is required from each tab.
After making your selections on the page, click the Submit button to calculate the interest. If the Report Only box is unchecked, interest is applied to each employee's account. To view the calculation results, navigate to myReports.
Click the Calculate Status button to open the Calculate Retirement Benefit Interest Status pop-up and view or print the history of the interest calculations that have been performed within the date range selected on the Calculate Retirement Benefit Interest page. To reverse an applied calculation, check the corresponding box in the far-left column, and click Delete. To include particular calculations on the Calculated Retirement Tracking Interest Report, check the boxes corresponding with the appropriate rows, and click the Print button. The report is sent to myReports.