Dates on Retirement Plan Pages
Purpose: Use this document as a reference for what to enter for the dates on the Retirement Plans in ctcLink and what is their significance in the downstream data flow to DRS. This is to be followed while hiring or while changing the Retirement plans.
Audience: Benefits Administrators, HR Core Administrators
- There are 2 pages where Benefit Admins make entries while enrolling employees in a retirement plan.
- The dates entered on these pages then flow down to DRS Transactions and Transmittals as the Begin Date.
- It is important that these dates are entered appropriately so as to avoid any data discrepancies in the reporting to DRS.
Navigation : Main Menu > Benefits > Enroll in Benefits > Retirement Benefits
- It is imperative that the Deduction Begin Date and Election be same on this page at least for DRS administered plans (Plan Type 7Z and 7X )
- The Issue arises when the Deduction Begin Date is Earlier than the Election Date. It means that the money is deducted/collected before it was being reported to DRS , since :
- The Begin Date on the DRS Transaction Page is the Election Date selected on this Retirement Benefits Page.
Navigation : Main Menu > Benefits > CTC Custom > DRS Transaction
- While an Election Date can be earlier than a Deduction Begin Date, it must never be later on an Elect action to avoid such issues.
Navigation : Main Menu > Benefits > CTC Custom > Retirement Benefits
- After the Employee is enrolled into the Retirement Plans, Admin must come on this page and complete the entries on this page such that the Dates on this page are SAME as the ones entered in the Retirement Plan pages (Page 1 above)
- Effdt = Election Date & Retirement Plan Effective Date = Deduction Begin Date.
- DRS Option Date : The date an employee signs a Member Information Form indicating the beginning of the 30-day period that the employee has for deciding between PERS or TRS Plan 2 or PES or TRS Plan 3.