Absence plan payout options
When you select an absence plan payout option, you need to consider what accrual option you selected on Plan Structure (LP02.1). Each option is valid for a type of accrual option.
The following table provides a detailed look at the different payout options.
| Payout Option | Accrual Option on LP02.1 | Purpose | Transaction Created |
|---|---|---|---|
| Option 1 (Current cycle hours pay rate) | Hours Only |
Option 1 uses the hours that are available for the current period and multiplies them by the employee or position pay rate to calculate the payment. Use Option 1 after an LP140 cycle as this option depends on current accrual cycle transactions. |
Payout hours transaction |
| Option 2 (Date range hours pay rate) | Hours Only | Option 2 multiplies the available hours transactions within the date range times the employee's position pay rate to calculate the payment. | Payout hours transaction |
| Option 3 (Hours balance pay rate) | Hours Only | Option 3 multiples the total hours in the available balance by the employee or position pay rate to calculate the payment. | Payout hours transaction |
| Option 4 (Current cycle earnings) | Earnings or Earnings/Hours | Option 4 pays out the current cycle's available dollar amount. This option must be run after an LP140 cycle because the calculation depends on current accrual cycle transactions. | Payout earnings transaction |
| Option 5 (Date range earnings) | Earnings or Earnings/Hours | Option 5 takes the available transactions within the date range entered and pays out the total available dollars for that date range. | Payout earnings transaction |
| Option 6 (Current earnings balance) | Earnings or Earnings/Hours | Option 6 takes the available earnings balance and pays it out. You can use this option if a plan policy requires that all vacation dollars be paid at the end of a year. | Payout earnings transaction |
| Option 7 (Current cycle hours pay rate) | Earnings and Hours |
Option 7 takes the hours that are available for the current period and multiplies them by the employee or position pay rate to calculate the payout. This option must be run after an LP140 cycle because the calculations depend on current accrual cycle transactions. |
Both hours and earnings. |
| Option 8 (Date range hours pay rate) | Earnings and Hours | Option 8 multiples the available hours transactions within the date range times the employees position pay rate to calculate the payment. | Both hours and earnings. |
| Option 9 (Hours balance pay rate) | Earnings and Hours | Option 9 takes the total hours available balance and multiplies it by the employee or position pay rate to calculate the payment. | Both hours and earnings. |