Field Description - Retirement Code

The Retirement Code is a code (0 through 99) assigned to each employee that describes the retirement status for various retirement programs, including the Maine Public Employees Retirement System (MainePERS).  It relates to the associated retirement table (RET%nn).

Tips:

• There is no master maintenance program for Retirement Codes.  However, each Retirement Code must have an associated retirement table defined during Retirement Table Maintenance (RET%nn), where nn represents the Retirement Code.  The retirement tables store rates and calculation factors for the deductions and fringe benefits associated with retirement contributions and life insurance premiums.

• Special Retirement Codes:

• 0 = No Retirement:  Retirement Code 0 (zero) is reserved for No Retirement or Maine State Insurance.   You can not create a table for Retirement Code 0.

• 5 = Retired:  Use Retirement Code 5 for retirees.  Set up a retirement table for Retirement Code 5 during Retirement Table Maintenance.

• nn = Withdrawn (where nn is not 0 or 5):  Establish a specific Retirement Code for employees who have withdrawn from the retirement plan.  To handle W-2 processing properly, set up a corresponding retirement table during Retirement Table Maintenance and enter 0.00 (zeros) in all of the fields.

• All employees who share a Retirement Code should also share the same value for the MSR Expected Pay Pds per Year.  This ensures that the value for the Dependent Ins Amt Per Pd for Ded in the associated retirement table is applied properly to each employee.

• For detailed instructions for the MainePERS fields, refer to the appropriate Maine Public Employees Retirement System (MainePERS) System Payroll Reporting Manual.

• For more information, see the Understanding the Maine Public Employees Retirement System (MainePERS) topic.

Where-Maintained:  Employee Retirement Fields Area in Employee Master Maintenance

Where-Used:  Retirement Table Maintenance (RET%nn)

Format:  2.0 numeric