Salary History

[SSRRS]

Hi, When setting up a new Plan, in addition to the current census information, how many years back of salary history do most firms ask for? Thank you.

[david rigby]

All of it.  I want all data elements for all employees in the database. 

• Includes non-vested terms and deaths.  No exclusions, no limitations. 
• All historical comp, all historical hours.
• All term and rehire dates.
• If there are beneficiaries in-pay status, they should be provided with all the data elements of the (now deceased) employee/retiree; however, this is often not available, so you may have to wing it. 
• Don't overlook any prior lump sum payments: get every data element on them also. 
• If there are special transition amounts or prior minimums, make sure to obtain those, even if you think it's not relevant.
• If there are employee contributions, get each of the annual amounts.  Also, the total with and without interest.
• If the PY is not equal to CY, make sure you know how the historical information was gathered: even if the plan defines comp/hours as PY-based, it might have been gathered as CY-based.

[Hojo]

I think Dave missed the "new plan" part.

I will ask for as much history as they have regarding hours and salary.

[david rigby]

It depends on what the OP meant by "new".  I read it to mean "new to him as recordkeeper/actuary", which is more correctly called "takeover".  My interpretation may have been in error.

Note that historical term and rehire dates might be important in any case.

[SSRRS]

Thank.you very much, David and HoJo. Both of your efficient responses will be of help (depending on the case).