Entering Pension Data in BEACON

This Pension page is enabled when a Yes answer is given for the Pension question in the Income and Assets Q and A Navigator.

Unless you indicate that ownership or accessibility is less than 100 percent, every pension asset type is treated as countable in full and the countable amount for each program is displayed at the bottom of the page.  You can change this countable amount, if appropriate.

The following asset types are considered pension assets:

  • 401(k) Plan
  • Annuity
  • Disability
  • IRA
  • KEOGH
  • Pension, and
  • Retirement 

Reminder: The two icons at the top right-hand corner of this page are for Verification on the Fly and Case Notes. The icon at the bottom right hand corner of this page is for the Case History.

The Verification on the Fly Icon is available on all workflow pages. Click on the Verification on the Fly icon to enable it (a blue check mark will appear). You will be able to verify any new or changed item on this page without leaving the page. To turn off the Verification on the Fly, click on the icon again (the blue check mark will no longer appear). If the Verification on the Fly icon is not enabled you will have to visit the Verification tab to record receipt of a verification.

The Case Notes icon is available on all the workflow pages. The Case Notes icon can be used to make notes, concerning the page, actions taken or actions to be taken, for anyone visiting the page.; however, the Case Notes can only be viewed on the Narrative tab and not on the page itself.

The History icon is available on all the workflow pages. The History icon displays a historical record of past EBC transactions and the date entered, from most recent action to the first application.

Entering Pension Data

  1. open the Pension page; this page is available when you have answered Yes to the pension question on the Income and Asset Q and A Navigator

    1. Warning: If the household member is not receiving a pension, check the No pension checkbox. If you answered No to the pension question in the Income and Assets Q and A Navigator, BEACON will automatically default to No in the checkbox.

  2. select a client from the Members List (BEACON defaults to grantee)
  3. for Type, select the pension type from the dropdown list View/HideView/Hide

    401(K)

    Annuity

    Disability

    IRA

    KEOUGH

    Pension

    Retirement
  4. for Amount, enter the dollar amount of the pension

    1. Important: BEACON adds a decimal point only for whole dollar amounts (if $40 is entered, BEACON adds the decimal point and the amount will show as $40.00). You will need to add a decimal point when entering the value of financial holding that is not a whole dollar amount. ExampleExampleIf a value of $40.50 is entered in BEACON as 4050, BEACON will add a decimal point and make the amount $4050.00.  You will need to insert a decimal point manually ($40 + decimal point + 50) to capture the correct amount of $40.50. 

  5. for Early Withdrawal Penalty, enter the amount of the penalty if the client withdraws the pension money early
  6. for Value, this field calculates the Amount minus the Early Withdrawal Penalty; this is a read-only field
  7. for % Owned, enter the percentage of the financial holding owned by the client, if less than 100%  ExampleExampleIf the client owns half of the asset enter 50 for 50%. 
  8. for % Accessible, enter the percentage of the pension that is accessible to the client, if less than 100%
  9. for Inaccessible Reason, if the household member cannot access the pension, select a reason from the dropdown list View/HideView/Hide

    Cannot be Subdivided

    Contract Restricts Access

    In Battered Women’s Shelter

    In legal Proceedings

    Incompetent–No Guardian

    Lack of Ownership

    Partial Ownership
  10. for Institution Name, enter the name of the company or financial institution holding the pension money
  11. for Account Number, enter the client's account number at the institution where the pension is held
  12. to get Countable Amounts, click Calculate; the system will calculate the countable amount for each program based on program rules and information entered for the asset on this page
  13. to start entering information for a new record immediately, click Clear and then go through steps 3-12; you can also click Clear before saving a record to empty all of its fields quickly
  14. to save the record, click Save
  15. click Next to save your entries or changes and go to the next page in the workflow, or
  16. click Finish to save your entries or changes and to exit the page and the workflow

Related Topics

Changing Pension Data

Last Update: March 15, 2012