A fast and efficient method for calculating and reporting retirement plan payouts
and alternate forms of payments.

PTCS calculates and reports retirement plan payouts and alternate forms of payments due to:

• Participant Terminations
• Retirement
• Standard Plan Termination
• Pre-retirement counseling

All necessary calculations to ensure accurate payment amounts are performed and checked against TEFRA minimum (Top-heavy), ERISA maximum (415 limits), and PBGC payout limitations.

The user inputs (or transfers from DATAIR's Pension System) participant and beneficiary census data and plan parameters as they relate to:

• Average Salaries
• Accrual of benefits
• Top heavy minimums
• Normal Form of Payment
• Assumptions for Actuarial Equivalence
• Immediate and Deferred Annuities
• Multiple plan limit fractions
• All relevant dates
• Break in service years
• Years plan was top heavy

The user has the option of either inputting salaries which will be averaged by the system or, if already calculated, input Averaged salaries. Salaries will be used for calculation of Top Heavy Minimum Benefits and ERISA limits. The user must also input the Normal retirement benefit that accruals will be based upon. For a defined contribution plan, input the vested account balance.

The system will then calculate and illustrate the following:

• Average monthly salaries for Plan, TEFRA minimum, and ERISA (415) limits
• Past service/participation
• Future service/participation
• Accrued benefit (Plan, Top-heavy, and ERISA maximum)
• Annuity purchase rates
• Vested Lump Sum at Retirement
• Present Value factors
• Present Values based on Actuarial Equivalence
• Statutory minimum and maximum distribution amounts (Top-heavy, ERISA and PBGC including calculations of PVAB’s as amended by RPA-94)
• Alternate Forms of Payments
• Lump Sum
• Life only
• 5/10/15/20 Years Certain and Life
• Joint and half/two-thirds/three-fourths/full Survivorship

PTCS also enables you to generate prints and worksheets to accommodate reporting requirements to participants and their beneficiaries due to termination of employment or plan termination. Standard Reports:

• Pension calculation worksheet
• Alternate forms of payment at Normal retirement and desired Distribution date
• Benefit Liabilities Notice for PBGC Terminations
• Participant census
• Schedule of vested benefits
• Worksheets