Use this screen to elect and view your retirement benefits election(s).
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.
Two types of values display in this table:
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.
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.
This non-editable field displays your available retirement plan option(s).
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.
This non-editable field displays the amount (or percentage, depending on the selected Calculation Method) of your current deferred retirement election.
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.
The New Retirement Plan Options/Deductions table displays retirement benefit plan options that have not been previously assigned to you.
This non-editable field displays the available retirement benefit option(s) not previously assigned to you.
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."
Enter your election deferral percentage (or amount, depending on the selected Calculation Method). This field is non-editable until you select a Calculation Method.