Field Description - Ret-ME Supplemental Ins Base for Fringe

The Ret-ME Supplemental Ins Base for Fringe is an annual salary cap for limiting the employer's portion of the supplemental life insurance premium fringe benefit for MainePERS.  When the gross earnings reaches the cap, the employer's payments are limited to the cap amount.  They do not increase as the annual earnings amount increases.  When calculating the Adjusted Annual Salary Amount, the system loads the annual gross earnings or this base amount - whichever is less.

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• nn = Withdrawn (where nn is not 0 or 5):  There should be a user-defined Retirement Code for employees who have withdrawn from the retirement plan.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

• This field works in conjunction with the Ret-ME Supplemental Ins Ex Mult/Amount for Ded.  If the employee's gross earnings amount reaches the base amount, then the employer pays less benefit and the employee usually starts paying the difference via an increased deduction, according to the exemption starting point.  Therefore, as the employer pays less, the employee pays more.

• 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).

• This value is applicable for employees with MSR Life Insurance Codes beginning with S or F.

• It is possible to have a base value for one MSR Life Insurance Code, and yet not for another.

• It is possible to have a base value for one Retirement Code, and yet not for another.

• For more information, see the Understanding the Maine Public Employees Retirement System (MainePERS) topic.

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

Format:  6.2 numeric