Customer Checklist Retirement Reforms

Part 1: Setup retirement fund

Define all the retirement funds in your organization on the Retirement Fund screen.

Part 2: Setup Payroll Definitions 

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• For the retirement reform calculations to be handled correctly, a deduction, company contribution and fridge benefit payroll definitions are mandatory.

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  NOTE:

  The Company Retirement Fund field is mandatory for a Defined Contribution Benefit and a Hybrid fund.

   

   

   

Part 3: Employee linking 

The employee and/or employer contribute to a defined benefit or a hybrid fund you must define the retirement fund information on the Retirement Funds screen. 

You can batch the RFI and Fringe Benefit Adjustment fields on the employees’ Tax Total Retirement Funds screen.

Part 4: Apply the changes 

• Do a recalculation for the company rule once you have made the necessary changes. The recalculation will update the employee’s payslips.

• If you make use of remuneration structures, you must link the definition to ensure employees' payslip update correctly.

• Update GL account numbers if new definitions are loaded.

Part 5: Backdated Adjustment

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• Where the setup or fund factor was defined incorrectly, and the employees’ fringe benefit amounts should be recalculated you can apply the Force YTD option.

• To recalculate the changes for all the employees in a company rule select the Force Average YTD option for the Live period.