Each benefit item represents one projected benefit stream with its own decrement, recipient, eligibility period, formula, adjustments, COLA treatment, attribution, and expected forms of payment.
Decrement Type — Identifies the benefit as Retirement, Termination, Death, or Disability. The corresponding annual decrement probability weights the projected benefit.
Benefit Recipient — All Participants blends the configured single and married forms using the sponsor marriage assumption. Married Participants and Single Participants value only the corresponding assumed group.
Payable To — Identifies whether the configured payment is payable to the participant or spouse.
Without a benefit-item override, the Sponsor COLA applies. Select an override when this benefit stream requires a different increase rate, start age, deferral, cap, frequency, or simple/compound treatment.
Override Assumed COLA Parameters — Replaces the Sponsor COLA for this benefit item.
Annuity Factor — Supplies the COLA settings configured on the factor’s Advanced screen. It is separate from the Annuity Factor selected for each form of benefit payment.
Benefit Formula — Defines the annual benefit payable at Normal Retirement Date. Valuation evaluates it at projected decrement dates and at the measurement dates required by the selected attribution method.
Filter Formula — Includes the benefit item when the formula returns a nonzero value for the projected row.
Benefit Start Date / Benefit End Date — Define the first eligible date and first ineligible date for the benefit stream.
Vesting Adjustment — Applies the valuation-date vesting fraction to active PVFB and EAN benefit values and to vested results, including Vested Liability and PBGC. Ordinary UC and PUC liabilities remain unvested. A blank formula is treated as 1.
Early/Late Benefit Adjustment — Converts the Normal Retirement Date benefit to the amount payable at the selected decrement or commencement date. A blank formula is treated as 1.
Return of Employee Contributions Balance (if non-vested) — Replaces the benefit item when the Vesting Adjustment is exactly zero.
The replacement is fully vested and valued as a lump sum without the Early/Late Benefit Adjustment, Conversion Factor, or Annuity Factor. This differs from the provision-level Employee Contributions formula, which projects active contributions and develops their present value and current contribution normal cost.
The Attribution tab determines how much of the benefit is assigned through the valuation date, how much is assigned to the next year, and the funding period used for Entry Age Normal.
Projected Unit Credit — Attributes the projected benefit through the valuation date and next valuation anniversary.
Unit Credit — Develops the benefit accrued through the valuation date and next valuation anniversary.
Entry Age Normal — Defines the component funding period used to allocate the projected benefit.
The configured forms represent the expected payment forms for the benefit item. Election fractions weight the applicable forms for single and married male and female participants. Valuation payments are currently modeled monthly.
Conversion Factor Definition — Converts the benefit amount into the selected form. (no adjustment) leaves the amount unchanged.
Annuity Factor Definition — Defines payment commencement, certain period, participant and beneficiary continuation, payment timing, and actuarial equivalence for the form.
Election Fractions — The four single or married, male or female inputs specify the expected fraction of each participant group electing the form.
Fractions are entered from zero to one and normally total one within each group.
Use lump sum mortality post-decrement — Uses the sponsor Lump Sum mortality selection for post-decrement participant survival instead of retiree mortality.