Field Description - Ret-ME Basic Ins Rate for Ded

The Ret-ME Basic Ins Rate for Ded is the multiplier used to calculate the employee's portion of the basic life insurance premium, which is the MainePERS deduction for the pay period.

Example:  If the rate is 0.8, enter .80.  The rate is divided by 1000 during the calculations.

Tips:

• Reserved Retirement Codes:

• 0 = No Retirement:  Retirement Code 0 (zero) is reserved for No Retirement or Maine State Insurance.  You can not create a table for Retirement Code 0.

• 5 = Retired:  Retirement Code 5 is for retirees.

• nn = Withdrawn (where nn is not 0 or 5):  There should be a user-defined Retirement Code for employees who have withdrawn from the retirement plan.  Enter 0.00 (zeros) in this field to handle W-2 processing properly.

• Payroll handles deductions for retirement separately from other payroll deductions.  Generally, you do not need to maintain the retirement deductions during Employee Master Scheduled Deductions Maintenance.
  Exception:  If you use the Vendor Invoices and Checks Feature to pay retirement benefits, you must set up deductions and the associated fringe benefits.  For more information, see MSR Deductions Table Maintenance (MSR DEDS).

• For information about how this is used in the calculations, see the Understanding the Maine Public Employees Retirement System (MainePERS) topic.

Where-Maintained:  Retirement Table Maintenance (RET%nn)

Format:  6.2 numeric