Below is the list of data inputs for the Client Information tab:
Date of Birth
Enter the client's date of birth.
Normal Retirement Age
Default retirement age is 65. The IRS states in its audit guidelines that you should use the normal retirement date stated in the retirement plan document.
| Notes: | Using a retirement age lower than 65 may reduce the amount the client can defer into a retirement plan. |
| As data is entered on the left, the values in the Date and Age Calculations box are updated. Confirm that the values are correct to insure that the data entry and system date are correct. |
Contributions (column)
Enter the annual contribution for the client in the respective year.
| Note: | Pressing the 'Cancel' button will cause any changes to the data to be lost. |
For information about the other tabs, click on the respective item below:
Month of Retirement
Select the month in which the client plans to retire.
MAC Calculation Year
Enter the calculation year for the MAC. The default is the current calendar year.
Gross Annual Income
Enter the gross pay to be received from this employer this year that qualifies for retirement system contributions.
| Note: | Do NOT exclude TSA, mandatory retirement plan contributions (e.g. STRS, PERS, TRS, SERS, ORP, etc.), or Section 125 salary deferrals. |
Income a client receives from an employer that does not qualify for inclusion in the retirement system benefit calculation should be entered on the next line as Additional Taxable Compensation from this employer.
Additional Taxable Compensation
This includes any income paid by the employer but not considered when calculating your retirement income.
Section 125
Enter the annual amount the individual will contribute to a Section 125 (pre-tax flexible benefits account).
Employer is a non profit 501(c)3...
Check this box if the employer matches this condition. This determines if the employee is eligible for the 403(b)'s 402(g)(7) Catch Up.
A 457 Plan is Available to the Client
If a 457 plan is available to the client, check this box.
Employee participates in the Double Up 457 option...
This will only appear if the prior box is checked.
If the employee is within three years of normal retirement age, and is participating in the Double Up option, check this box.
Prior unused 457 Contributions...
This will only appear if the prior two 457-related check boxes are checked.
Enter the total unused 457 contributions for prior years. A calculator may be opened (by clicking on the icon to the right or pressing Ctrl-Enter) to calculate the unused 457 contribution value. This calculator is purely optional, and the value returned by it may be overridden by simply entering a value into the editor.
The calculator appears below:
Unused 457 Contribution
By entering prior year 457 contributions, TRAK will calculate the Double Up option available to the client.
First year client qualified for a 457
Enter the first year the client was allowed to make 457 contributions to the 457 plan.
Annual Contributions (column)
Enter the annual contribution for the client in the respective year.
| Note: | Pressing the 'Cancel' button will cause any changes to the data to be lost. |
For information about the other tabs, click on the respective item below:
To return to the main MAC help page, click here.
