v7 FreeBalance Help

Retirement Benefits requires the user to define benefits paid to an employee upon the employee's retirement. To CREATE a Retirement Benefit, follow the steps below:

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By default, you will be in Search Mode.

1. Click on the New icon   (you will then be in Insert Mode).
2. Enter the new Retirement Benefit information. Fields with an asterisk  are mandatory fields.
3. Enter the ID, click on the Apply If Alive, Life Certificate Required, and Is Paid Within Payroll checkmarks, as required.

• ID: Unique identification code of the Retirement Benefit.
• Apply If Alive: Apply If Alive Status - if checked, Retirement Benefits are applied to the employee's beneficiaries when the retired employee is alive.
• Life Certificate Required: Life Certificate Required Status - if checked, indicates that a life certificate is required in order to keep receiving the emoluments granted by this benefit.

• Is Paid Within Payroll: Is Paid Within Payroll Status - if checked, Retirement Benefits are paid within the payroll of the organization.

4. Enter Max Pay Period After Death.

• Max Pay Period After Death: The maximum number of pay periods that the beneficiaries are entitled to receive the Retirement Benefits after the death of the employee.

5. Enter Maximum Periods To Pay.

• Maximum Periods To Pay: The maximum number of periods to pay Retirement Benefits to a retired employee. If Null, the Retirement Benefits will be recurrently paid until the death of the employee.

6. Choose a Retirement Benefit Type.

• Retirement Benefit Type: Choose a Retirement Benefit Type from the drop-down menu.

7. To enter the Cost Item, if required, click on the Lookup icon ,  click on the Find icon  to retrieve the Cost Item list, then select the Cost Item.

• Cost Item: The cost item associated to this benefit.

8. To enter the Deduction, if required, click on the Lookup icon ,  click on Find icon  to retrieve the Deduction list, then select the Deduction.

• Deduction: The deduction associated to this benefit.

9. To enter the Cost Item For Arrears, if required, click on the Lookup icon ,  click on Find icon  to retrieve the Cost Item list, then select the Cost Item For Arrears.

• Cost Item For Arrears: The cost item associated to this benefit specifically to be used for arrears.

10. Choose Retirement Benefit Status.

• Retirement Benefit Status: Choose either Approved, Cancelled, or Created from the drop-down menu.

11. Enter Minimum Periods.

• Minimum Periods: The minimum number of periods required to apply to this Retirement Benefit.

12. Enter Minimum Consecutive Periods.

• Minimum Consecutive Periods: The minimum number of consecutive periods  required to be eligible for this retirement benefit.

13. Enter Minimum Age.

• Minimum Age: Minimum age of the employee to apply to this benefit.

14. Enter Life Certificate Recurrence.

• Life Certificate Recurrence: Specifies the frequency in terms of number of periods, for issuance of the Life Certificate (e.g. every 12 periods)

15. Choose Upon Death Action.

• Upon Death Action: Action to be taken upon death of the employee, either Activate Benefit or Cancel Benefit, from the drop-down menu

16. Choose Calculation Mode.

• Calculation Mode: Benefit Calculation Mode, either Automatic or Manual, from the drop-down menu

17. Choose Calculation Method.

• Calculation Method: Calculation Method, either Base Salary or Deduction Contribution Amount, from the drop-down menu.

18. Enter Minimum Contribution Amount.

• Minimum Contribution Amount: Applicable when the benefit is linked to a deduction, this is the minimum contribution amount to be made through a deduction.

19. Enter Formula.

• Formula: This will display the formula built from all rows in the formula builder. 

20. Chose a Language.

• Language: Language used.

21. Enter the Name.

• Name: Name of the Retirement Benefit.

22. Enter the Description.

• Description: Description of the Retirement Benefit.

To ADD Prerequisite Benefits to the Retirement Benefits, if required:

1. Click on the  tab and then click on the Lookup icon , and enter the Prerequisite Benefit information, or leave the Prerequisite Benefit information blank to retrieve all Prerequisite Benefits.

2. Click the Find icon 

3. Click the individual Select Checkbox (es) to select and de-select the Prerequisite Benefits, as required.

4. Repeat steps 1, 2 and 3 for all required Prerequisite Benefits.

5. Click the Remove icon to remove the selected Prerequisite Benefits information, if required.

6. Click the individual Select Checkbox (es) to select and de-select the Prerequisite Benefits, as required, or click the Select All icon  or Unselect All  icon, to select all Prerequisite Benefits or de-select all Prerequisite Benefits, if required.

To ADD Allowed Retirement Types to the Retirement Benefits:

1. Click on the  tab and then click on the Lookup icon , and enter the Allowed Retirement Type information, or leave the Allowed Retirement Type information blank to retrieve all Allowed Retirement Types.

2. Repeat steps 2-6 which were used above for the  tab.

To ADD Benefit Share Beneficiary Types to the Retirement Benefits, if required:

1. Click on the  tab and then click on the Lookup icon , and enter the Benefit Share Beneficiary Type information, or leave the Benefit Share Beneficiary Type information blank to retrieve all Benefit Share Beneficiary Types.

2. Repeat steps 2-6 which were used above for the  tab.

To ADD Formulas to the Retirement Benefits, if required:

1. Click on the  tab and then click on the New icon to enter Formulas (refer to Formulas for more information).

2. Click on the Save and Return icon to save the Formula information and return to the Retirement Benefits screen, or click on the Discard icon  to discard the Formula entry and return to the Retirement Benefits screen.

3. Click the Remove icon to remove the selected Formula information, if required.

4. Click the individual Select Checkbox (es) to select and de-select the Formulas, as required, or click the Select All icon  or Unselect All  icon, to select all Formulas or de-select all Formulas, if required.

To ADD Restriction Per Beneficiaries to the Retirement Benefits, if required:

1. Click on the  tab and then click on the New icon to enter Restriction Per Beneficiaries (refer to Restriction Per Beneficiaries for more information).

2. Click on the Save and Return icon to save the Restriction Per Beneficiary information and return to the Retirement Benefits screen, or click on the Discard icon  to discard the Restriction Per Beneficiary entry and return to the Retirement Benefits screen.

3. Click the Remove icon to remove the selected Restriction Per Beneficiary information, if required.

4. Click the individual Select Checkbox (es) to select and de-select the Restriction Per Beneficiaries, as required, or click the Select All icon  or Unselect All  icon, to select all Restriction Per Beneficiaries or de-select all Restriction Per Beneficiaries, if required.

Click on the Save icon  at the bottom of the Retirement Benefit page to save your new Retirement Benefit information. A window will appear to confirm.