Forms of Benefit Payment
These screens configure the expected payment forms for a valuation benefit component. The sections below document the payment-form list and form-detail screens.
Forms of Benefit Payment List
This screen lists the expected forms of payment attached to the benefit component.
- Forms of Benefit Payment list: Lists the component’s configured forms. There is no payment-form Name input.
- Annuity Definition: Displays the selected Annuity Factor Definition for each configured form.
- Single: Displays the
Single Participants - Male election fraction. - Married: Displays the
Married Participants - Male election fraction. - Add / Delete: Adds a form of benefit payment or removes the selected form.
No configured form: the annual benefit is valued directly with no conversion or annuity-form adjustment. Configured forms supply any conversion, payment pattern, and expected election assumptions.
Form of Benefit Payment Detail
This screen defines the amount conversion, payment pattern, expected elections, and optional post-decrement mortality treatment for one form. No separate form name is entered.
- Conversion Factor Definition: Selects the Conversion Factor Definition that converts the component benefit into this form.
(no adjustment) leaves the component amount unchanged. - Annuity Factor Definition: Selects the Annuity Factor Definition that defines payment commencement, certain period, and participant or spouse continuation. Valuation payments are currently modeled monthly.
(none) applies no annuity-form adjustment. - Single Participants - Male: The expected fraction of single male participants electing this form.
- Single Participants - Female: The expected fraction of single female participants electing this form.
- Married Participants - Male: The expected fraction of married male participants electing this form.
- Married Participants - Female: The expected fraction of married female participants electing this form.
- Use lump sum mortality post-decrement: Uses sponsor Lump Sum Mortality for post-decrement participant survival instead of retiree mortality.
Election fractions: each entry must be between 0 and 1. Configured forms normally total 1 separately for each sex and marital-status group; the screen does not enforce every total-to-one condition.
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