How do I calculate interest on Additional Voluntary Contributions?
Benefits>>Pension Admin>>Administration>>Calculations>>Additional Voluntary Contributions Interest Calculations
Additional Voluntary Contributions Interest Calculations
Understanding the additional voluntary contributions (AVCs) with interest calculations is important to ensure that these extra contributions are growing as expected. This allows employees to maximize their retirement savings and verify that the additional contributions are accurately reflected in their pension benefits.
The system uses the values previously set up to calculate interest on employees' Additional Voluntary 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 Additional Voluntary 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 Additional Voluntary 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.
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