Understanding Forfeitures

Duration: 60 Min.

The non-vested portion of a terminee’s balance usually reverts back to the plan. These forfeited amounts might then be separately re-allocated to the active participants in the plan or used as part of the employer’s contribution.  They might also be used to pay plan expenses or even just held until a later date, when they will be dealt with as circumstances and the plan’s requirements dictate. In Relius Administration, plan specs, accounts and even participants have to be properly coded to insure that forfeitures are correctly noted, and then re-allocated appropriately. There are various methods available for doing this, and this session looks at how to code terminees, forfeit non-vested balances and show the various ways to deal with these amounts.

Who should attend: Experienced users

Prerequisites To get the most out of this session, learners should be familiar with Relius Administration's plan and employer setup, plan specifications, census and transaction processing.

Learning objectives:

In this session, we will:

** set up plan specifications to define forfeitures
** enable the use of the forfeiture suspense account
** review the termination process and forfeiture events
** forfeit a terminee's non-vested balance and re-allocate directly to other participants
** re-allocate forfeitures as part of other contributions
** process forfeitures using the suspense account
** process forfeiture suspense adjustments
** view available reports

Event Details