The following prompts appear for defined benefit retirement plans:

Additional Funds

Enter additional funds to be added to the Final Average Salary. This may include items such as unused sick leave or unused vacation time. See the plan handbook for specific information.

Additional YOS

Enter additional years of service for the retirement plan. This may include military service creditable under the plan.

Spouses DOB

This prompt will display in the Client's Retirement Plan tab if the illustration does not include the spouse.

Customized Cost of Living Adjustments

This group of prompts will be displayed for defined benefit plans that do not have specific COLA options configured in the retirement system.

Override internally configured COLA

Check this box to override the internally configured COLA.

Increase method

 There are three methods to configure the DB plan's COLA:

Tied to inflation: Select this to tie the COLA to the retirement inflation rate (entered in the "Retirement Income" tab). Limits on the COLA can be configured below.

Compounded Fixed Rate: Select this if the COLA is a fixed compounded rate.  The COLA is entered below and can occur irregularly (e.g. every other year) .

Simple Fixed Rate: Select this if the COLA is a simple COLA (not compounded).  The COLA is entered below and can occur irregularly (e.g. every other year) .

Increase frequency

Select  the frequency the COLA occurs: Every year, Every other year or Every third year.

Percent of inflation

This prompt is available if the Increase method is Tied to inflation.  Enter the percent of inflation that the COLA matches.

Maximum COLA

This prompt is available if the Increase method is Tied to inflation.  Enter the maximum COLA rate.

Fixed COLA rate

This prompt is available if the Increase method is either of the fixed methods.  Enter the fixed compounding or simple (as selected) COLA rate