Deductions

There must be a retirement deduction code set up in order to run the Connecticut Teacher Retirement. To access the Deduction reference table, select the menu option: Main Menu -> Human Resources -> Reference Tables -> Payroll -> Deductions. 

Retirement Deductions

The deduction codes used for standard retirement, buy-back and voluntary contributions should be set up with Deduction Method "S – Employee Amount" and Benefit Method "N - None". The Maximum Method for the standard retirement deduction should be set to "F – Fiscal Year to Date". The deduction codes should also be entered in the Human Resources Profile – State Window, in fields "Standard Retirement Deduction Code", "Retirement Buy-Back Deduction Code" and "Voluntary Deduction Code".

There must be only one Standard Retirement deduction code set up. The CT Retirement Calculation program calculates the amount to be deducted for each employee. See the CT Retirement Calculation section below for more information.

Optionally, a deduction can be setup to deduct retirement on additional pay applicable to retirement, which is paid to the employee on the time card and is not included in the annual retirement salary on the State Required page. The additional pay retirement deduction must be setup with the Deduction Method "P – Table %" and the deduction rate set to the total retirement deduction percentage (High % + Low % from the Human Resources Profile - State Window). The deduction code also needs to be entered in the Human Resources Profile – State Window, in the "Additional Pay Retirement Deduction'.