Lump Sum Separation Process

Step 1: Determining Leave Accruals (run time: 12:17 minutes)

This video guides you on how to determine an employee's leave accrual when an employee notifies their departmental HR of their plan to retire or separate from state service. This includes an introduction to the 7-step Lump Sum Separation Process, required action items, and instructions for completing the lump sum worksheet.

Step 2: Cross Validate the Employee Salary Rate (run time: 5:29 minutes)

This video walks you through the process of cross validating the employee's salary rate and lists four key items that are required for verifications.

Step 3: Calculating the Pre-Tax Deferral/Payment Amount (run time: 12:16 minutes)

This video introduces two ways of auditing and calculating the pre-tax deferral or payment amount: manually or using the pre-tax calculator. It also demonstrates how to add a buffer period to the pre-tax equation.

Step 4: Review Savings Plus Information and Step 5: Check for 457b Catch-Up (run time: 9:20 minutes)

This video covers the steps for reviewing the Savings Plus election form and how to determine whether the employee is enrolling in the 457(b) catch-up option.

Step 6: PAR Documentation and Step 7: PAR Submission (run time: 23:52 minutes)

This video covers the supporting items that will assist with completing the PAR for a lump sum transaction and the PAR packages that include scenarios with the “Do Not Key List.”