When a defined benefit plan is selected for the retirement plan, the lower section of the screen will appear similar to what appears below:
| Note: | When working with defined benefit plans that integrate with Social Security, the Primary Option Calculation group box will appear differently; illustrating how the integration with the Social Security calculation was performed. |
The areas on this screen are discussed below:
Primary Option Calculation
This illustrates how the retirement plan's primary option is calculated: showing the Final Average Salary, the Percent Crediting, and the Primary Option Value.
TRAK allows for three different methods for arriving at the Final Average Salary (Exact [default], Rounding, and Manual). Additionally, it allows for the calculation to be offset by a year either way. This is done by clicking on the drop down box to the right of the final average salary value, which brings up the following pop-up window:
If the client has been provided a projection by their retirement system, you may want to select the FAS method that most closely matches it. You may also select manual and enter the value.
| Note: | When selecting 'Manual' the Savings Analysis calculation page will no longer be available (as the calculations on the page require changing the retirement date). |
Monthly Option Values Grid
Selecting Columns
This grid displays the various options available to the client at retirement. The columns in the grid can be selected by right clicking over the grid and clicking on 'Columns'. The options are shown below.
General Columns
Name (required)
Columns While Both the Client and the Spouse Are Alive
Cost of Option (compared to the primary option)
Monthly Savings Starting Today
Monthly Savings Starting in Months (if monthly savings did not start today, but starts in the number of months entered in the top of the Overview tab, described here)
Value (monthly value)
Percent (percent of primary option)
Columns for Client as Survivor
Percent
Value
Columns for Spouse as Survivor
Percent
Value
Notes
For certain retirement plans, calculation notes may be provided. The notes will normally appear below the options grid (as shown here) if there is room:
Or they may be available by clicking on the 'Notes' button found at the bottom-right of the grid (shown below) which will bring up a window with the notes. The notes also print in the report, below the options grid.
