Benefits>>Pension Admin>>Administration>>Calculations>>Transfer Value Interest Calculations
Transfer Value Interest Calculations
Understanding the transfer value with interest calculations is crucial for accurately tracking the growth of a plan member's retirement savings. It ensures they receive the full value of their accrued benefits, including any interest earned, when moving your pension to a new plan.
The system uses the values previously set up (How do I set up Pension Interest Rates?) to calculate interest on employees' Transfer Value contributions.
How does it work?
To calculate the Transfer Value:
Step 1: Setup Pension Interest Rate for Transfer Value
The interest rate must be setup for all the years for which the transfer value is going to be calculated.
Step 2: Run Calculations for the Current Year
Step 3: View the Transfer Value Calculations
To view the calculations, navigate to Pension Admin>>Pension Administration>>Plan Members>>[find employee and expand record]>>Transfer Value Received from Employer;
OR
Navigate to Pension Admin>>Reports>>Employee Reports and Select the report you wish to view.
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