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Pension Calculation System


SSI's Pension Calculation System (PCS) is designed to give the Pension fund staff access to all information relating to pension estimate or application requests, verify eligibility and to perform the actual pension estimate or calculation automatically based upon plan rules. The system reduces the time and paperwork involved in the production of estimates and calculations, and provides easily accessible references and audit trails for this information. Together with the Pension Payment System (PPS), with which it is tightly integrated, these systems are capable of handling all aspects of the administration of a Defined Benefit Pension Fund. If the client has an integrated imaging system, there will be easy links throughout the system to retrieve relevant documents, e. g., one would be able to link to display a pensioner’s application.

The PCS:

  • Permits entry, modification, and review of all the information needed to perform a pension estimate and/or calculation.
  • PCS has the ability to maintain multiple units with a member’s record to account for multiple pension plans or the merger of different plans. Two units can be joined under one estimate or calculation or they can be left as 2 separate estimates or calculations to receive 2 pension payment checks.
  • The staff can also enter unlimited free form notes.
  • The system has a function on the actual calculation screen to do a “what-if” analysis, permitting multiple calculations by changing pension option, pension type, spouse DOB, credited service, pension begin date, last benefit credit year, weekly contribution rate.
  • Previously entered estimates or calculations can be recalled to be used as the basis for a new estimate or for the final calculation for a member. This reduces duplicative efforts when two or more estimates or calculations must be conducted for a member, but the original work is never lost.
  • The system creates a pension award list and, with Trustees approval, will transfer the new pensioner information automatically to the PPS, thereby eliminating the need to re-key any pension information.
  • MS Access, Crystal reports or other reporting tools can supplement the standard PCS reports.
  • QDRO

    • If the Fund receives a QDRO order, all the information about that QDRO can be entered and stored at the time of receipt.
    • The QDRO screen has options for the division of payments from each calculated unit, by percentage or fixed amount.
    • A separate QDRO beneficiary can also be stored.
    • It also stores a ‘pop-up’ indicator that can be passed to PPS.
    • If a QDRO is in effect, and depending on the specific requirements of the order, the system can transfer the QDRO recipient’s information to active payment status in PPS at the same time as the pensioner.
    • The system can also transfer the QDRO recipient independently at a completely different time.

    TERMINATED VESTED PARTICIPANTS
    • The system maintains a separate terminated vested table which gets updated when new pensioners are added or during the annual actuarial evaluation.
    • This table is used to produce mailings to the terminated vested participants.
    • The system will also create a file of all terminated vested participants to be sent to PBI. The PBI service will create a file containing Dates of Death for individuals that meet its matching criteria and have been reported as deceased in PBI’s data sources. The system will update the terminated vested data records with a date of death subject to verification by the Fund staff.