Benefits>>Pension Admin>>Administration>>Calculations>>Ordinary Member Contributions Interest Calculations
Ordinary Member Contributions Interest Calculations
Knowing the ordinary member contributions with interest calculations ensures that employees can accurately track the growth of their contributions over time. This helps in verifying the correctness of their pension benefits.
The system uses the values previously set up to calculate interest on employees' Ordinary Member Contributions. (How do I set up Pension Interest Rates?)
How does it work?
To calculate the Ordinary Member Interest Value:
Step 1: Setup Pension Interest Rate for Ordinary Member Contributions
The interest rate must be setup for all the years for which the member contribution interest is going to be calculated.
Step 2: Run Calculations for the Current Year
Step 3: View the Ordinary Member Calculations
To view the calculations, navigate to Pension Admin>>Pension Administration>>Plan Members>>[find employee and expand record]>>Member Contribution History;
OR
Navigate to Pension Admin>>Reports>>Employee Reports and Select the report you wish to view.
