Field Description - Ret-ME Retirement Rate for Ded

The Ret-ME Retirement Rate for Ded is the percentage used to calculate the employee's portion of the retirement contribution for the MainePERS deduction.  The Retirement Rate is related to the specific Retirement Code assigned to the employee.

Also called:  Retirement Percent

Example:  If the rate is 6.5%, enter 6.50.

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• nn = Withdrawn (where nn is not 0 or 5):  There should be a user-defined Retirement Code for employees who have withdrawn from the retirement plan.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

• The employer's share of retirement is calculated by the MSR Build Monthly Work File using the Ret-ME Retirement Rate for Employer.

• 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)

Where-Used:  Check Register - Payroll Check Edit Register Report Sample, Check Register - Maine State Insurance Deductions Report Sample, State Retirement Deductions Report Sample

Format:  6.2 numeric