Field Description - Ret-ME Dependent Ins Amt Per Pd for Fringe

The Ret-ME Dependent Ins Amt Per Pd for Fringe is the amount per pay period for the employer's portion of the dependent life insurance premium for the MainePERS fringe benefit.

Example:  If the amount per pay period is $0.42, enter .42.

Tips:

• Usually the pay period is one week, as defined in the Ret-ME MSR Expected Pay Pds per Year field.

• 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• nn = Withdrawn (where nn is not 0 or 5):  There should be a user-defined Retirement Code for employees who have withdrawn from the retirement plan.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.

• This rate is applicable for employees with MSR Life Insurance Codes beginning with F or H.

• Payroll handles fringe benefits for retirement separately from other payroll fringes.  Generally, you do not need to maintain the retirement fringes during Fringe Master 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 the calculations that use this field, see the Understanding the Maine Public Employees Retirement System (MainePERS) topic.

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

Format:  6.2 numeric