Field Description - Ret-ME Supplemental Ins Ex Mult/Amount for Ded

The Ret-ME Supplemental Ins Ex Mult/Amount for Ded is used to calculate the starting point for when the employee's portion of the MainePERS supplemental life insurance premium deduction kicks in.  Unlike the basic exemption which is always a flat amount, the supplemental exemption can contain either a multiplier value or a flat exemption amount.

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• nn = Withdrawn (where nn is not 0 or 5):  There should be a user-defined Retirement Code for employees who have withdrawn from the retirement plan.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.  You do not need to maintain the retirement deductions during Employee Master Scheduled Deductions Maintenance.

• If the value is 0.01 through 0.99, then it is used as a multiplier.  If the value is 1.00 or greater, it is consider a flat dollar amount.
  
  Example:  If the multiplier is 2, enter .02.  (to indicate 2 times the annual salary)  Or, if the flat amount is $10,000.00, enter 10000.00.
  
  Note:  NDS suggests that you enter the flat exemption amount rounded to the nearest thousand.
   

• To determine the Annual Salary amount for the deduction, the system subtracts this value from the annual gross earnings.  That becomes the starting point for processing life insurance deductions for the employee.

• This field works in conjunction with the Ret-ME Supplemental Ins Base for Fringe.  If the employee's gross earnings 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.

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

• It is possible to have an exemption 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