Retirement Benefits

Use this screen to elect and view your retirement benefits election(s).

When do I use the Retirement Benefits screen?

You can access the Retirement Benefits screen when newly electing your retirement benefit options, or when you need to make a change to your existing (current) retirement benefit elections.

Existing Retirement Plan Options/Deductions

Two types of values display in this table:

  1. Pending records:  If the Administrator has not selected the Immediate Update of Deferred Compensation Deductions checkbox in the Deferred Compensation Settings subtask of the ESS Company Settings screen in Costpoint, the system will display pending records in the table Existing Retirement Plan Options/Deductions Table. These are elections that you have made, but they are in a holding status, awaiting update in the Deductions screen in Costpoint Payroll.

If the Existing Retirement Plan Options/Deductions table displays pending records, the system will display the following message above the table: "The contribution amount shown is currently pending."

  1. Current records:  If the Administrator has selected the Immediate Update of Deferred Compensation Deductions checkbox in the Deferred Compensation Settings subtask of the ESS Company Settings screen in Costpoint (allowing immediate update to the Deductions screen in Costpoint Payroll - no pending table needed), or if pending records are possible but there are none in the system, the system will display current records in the table.  

If the Administrator has selected the Immediate Update of Deferred Compensation Deductions checkbox, the table will not display pending data. Only current records will be displayed in the Existing Retirement Options/Deductions Table.

If there are no pending or current records in the system, the table will not display on the screen.

Plan

This non-editable field displays your available retirement plan option(s).

Calculation Method

The Calculation Method (or deduction method) selection is based on the options that your company administrator has set up in the ESS Company Settings screen in Costpoint.

If there is more than one option for you to choose from, this field will be a drop-down box from which you can make a selection. If there is only one option for you to choose from, the field will be non-editable.

Current Percent/Amount

This non-editable field displays the amount (or percentage, depending on the selected Calculation Method) of your current deferred retirement election.   

New Percent/Amount

This field displays the amount (or percentage, depending on the selected Calculation Method) of your pending records.  If the system contains no pending records, your current deferred retirement election will be displayed.

New Retirement Plan Options/Deductions

The New Retirement Plan Options/Deductions table displays retirement benefit plan options that have not been previously assigned to you.  

If no new retirement benefit option records are found, the table will not display.

Plan

This non-editable field displays the available retirement benefit option(s) not previously assigned to you.

Calculation Method

The selection in this field is based on the options that your company administrator has set up in the ESS Company Settings screen in Costpoint.  If there is more than one option for you to choose from, the field will be a drop-down box from which you can make a selection.  If there is only one option for you to choose from, the field will be non-editable. When you enter the screen, this field defaults to "Select."

New Percent/Amount

Enter your election deferral percentage (or amount, depending on the selected Calculation Method).  This field is non-editable until you select a Calculation Method.

If the New Percent/Amount total is less than what your Administrator has set up in the Deferred Compensation Setting subtask of the ESS Company Settings screen in Costpoint, the system will display the following error message: “Your deduction(s) are less than the minimum percent allowed of <percentage amount displayed here.>  Please adjust your elections accordingly.”

If the New Percent/Amount total is greater than what your Administrator has set up in the Deferred Compensation Setting subtask of the ESS Company Settings screen in Costpoint, the system will display the following error message: “Your deduction(s) exceed the maximum percent allowed of <percentage amount displayed here.>  Please adjust your elections accordingly.”

If the Existing Retirement Plan Options/Deductions table or the New Retirement Plan Options/Deductions table are not displayed on the screen, the system will display the following message: "In order to change your retirement plan deferral percentage/amount, you must already be contributing to your plan.  No deferred compensation deduction has been assigned to your Payroll Deduction record; therefore, the Employee Self Service System cannot be used to update your retirement plan information.  Please see your Human Resources Administrator for assistance."