Adjusting Covered Compensation Balances

You can adjust employee compensation amounts and participation hours for defined contribution and defined benefit plans for each plan year. If you need to make a large number of adjustments, import the adjustments from a csv file using Compensation History Upload (BN556).

Record history for the years before you started using the Benefits Administration application.

To adjust covered compensation balances

  1. Access Compensation History (BN56.1).
  2. Select the Company, Employee, Benefit Type, and Plan, and select the Inquire form function.
    Note: The maximum compensation displayed in each row is defined on Benefits Annual Limits (BN12.1). When an employee's covered compensation reaches this limit, the application stops the employee's contributions to the plan.
  3. Use the following guidelines when making adjustments or recording history.
    Year

    To track on earlier years, type the plan year for which compensation and participation hours are being recorded.

    Hours

    This field displays the total hours of service for the plan year. The total hours are based on the compensation pay class on the Vesting Comp tab on Benefit Plan (BN15.1). To adjust the hours or to track hours of service for earlier years, type the total hours of service for that year.

    Compensation

    This field displays the total employee compensation for the plan year. The total employee compensation is based on the compensation pay class on the Vesting Comp tab on Benefit Plan (BN15.1). To adjust compensation or track compensation for earlier years, type an amount of compensation for that year.

  4. Select the Change form function.

Related Reports and Inquiries

To Use
Import a csv file with defined contribution or defined benefit plan balance adjustments Compensation History Upload (BN556)
List the plan participants of defined contribution and defined benefit plans Participation Report (BN236)
Mass upload or edit existing employee Compensation History (BN56.1) records. The BN556 allows the Add and Change function. Compensation History Upload (BN556)