The Pension field should only be populated when the employee's retirement deductions actually begin. This field cannot be populated if the employee was not enrolled in Retirement during the year.
Once an employee's retirement deductions begin, the Pension field on the Employee Master must be populated with a "Y."
Note: This will ensure that Box 13 on the employee's form W-2, Wage and Tax Statement, will indicate participation in a retirement plan. This is important, as this can have an affect on how much an employee is allowed to contribute to an Individual Retirement Accounts (IRA).
Table of Contents