Field Description - Retirement Deduction Withholding Amount

The Retirement Deduction Withholding Amount is the dollar amount withheld from the employee's pay for various retirement plans, including Maine Public Employees Retirement (MainePERS), if applicable.  Check Entry automatically calculates the amount in the Standard Deductions Area, or you can enter it manually.

Tips:

• Check Entry calculates the Retirement Withholding Amount for any employee with a Retirement Code that relates to a retirement table.

• Retirement Withholding is federal tax exempt and in some cases, state tax exempt.

• Matched Annuity amounts affect the calculation for retirement withholding amount by increasing the Gross Pay.

• 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 more information about the calculations that use this field, see the Understanding the Maine Public Employees Retirement System (MainePERS) topic.

Where-Maintained:  Check Entry

Format:  4.2 numeric