Pension Payment Maintenance (PR29.1)
Use Pension Payment Maintenance (PR29.1) to create payouts to employees of pension or retirement plan funds.
You can create periodic or lump sum pension payments. Periodic pension payments are payouts of pension or retirement funds that occur over a period of time and have at least one payment per year. Lump sum pension payments are payouts of pension or retirement funds that occur once.
Processing Effect
Payroll creates pension payments by first creating time records for the payment amount and then creating the payment when you run the payroll cycle.
When you create a periodic pension payment, Payroll creates a standard time record for the payment, and gives the payment an alphabetic value in the Check Group field on the time record. All time records associated with a pension payment record share the same check group value.
Payroll creates a future time record with an alphabetic check group value for each lump sum payment. All time records associated with a pension payment record share the same check group value.