Below is the list of data inputs on the Retirement System tab:
Retirement System
Select the client's retirement plan. After the plan is selected, press the tab key. The values in the Retirement Contrib Info box to the right will be updated.
Work Status
Select whether the client is Full-time or Part-Time. If they are part-time, enter the percent they are employed. For example, if the client is employed half-time, enter 50 (TRAK will add the percentage sign).
Years of Service group box.
Calculate YOS
Check this box if you would like TRAK to calculate the years of service.
Client's initial date of employment with current employer
Enabled if the Calculate YOS prompt is checked.
Enter the client's initial date of employment with the current employer. Note that if the client changed school districts, enter the date for the new school district.
If the client has breaks in service, or part-time service, TRAK can calculate for the various time periods. Press the white page. (The icon is white (
) to indicate that the YOS value being calculated does not have any part-time or breaks in service. If there are breaks of service and/or part-time service, the icon will change (
) to indicate the data being used.) Pressing this button will open the MAC Years of Service Calculator.
Years of service at the end of the current year
This value will be calculated if the Calculate YOS prompt is checked. If it is not checked, enter the years of service.
Pre Tax dollars used to buy back Years of Service
Some retirement plans may allow an employee to purchase years of service with pre-tax dollars. Enter the total amount the client will pay during the MAC calculation year.
Value of Benefit Package (only Missouri state retirement plans)
If the client is in the Missouri state retirement system, the amount of their health insurance benefit package is considered when calculating their retirement benefit. Enter the annual amount on the line.
If an employee is a 5% or more control owner...
Individuals, who are a 5% owner in an outside corporation other than the one they are currently employed by, must aggregate the retirement contributions they are making to the other retirement system, if there is one. Enter the contribution amount on this line.
