SplitPercentageRemoval

The SplitPercentageRemoval assignment, configured in transaction XML, is used in conjunction with the SplitPercentageApply assignment type. SplitPercentageRemoval is used to remove a designated percentage from each undepleted deposit of each underlying fund. These removals are performed pro-rata from each deposit and override the Removal Method and Removal Precedence, which are configured when setting up the funds. SplitPercentageRemoval removes the entire fund balance from each deposit, and any extra pennies that result from rounding are allocated to the last removal processed for that fund/deposit.

Data Storage

For both inception and Point-in-Time valuation, valuation records are created for each removal with effective dates equal to the activity's effective date. However, these valuation records are stored differently depending on the valuation type:

• For inception valuation, valuation records are created in AsValuation, with the effective date stored in the OriginalDepositDate column. If the original deposit record had a Rate Lock Date, that date will be stored in the RateLockDate column of AsValuation.
• For PIT valuation with deposit-level tracking, the following tables are used to store valuation records:
  • AsFundValue
  • AsFundValueField
  • AsFundValuationEffect
  • AsDepositValue
  • AsDepositValueField
  • AsDepositValuationEffect
  • AsPolicyValue
  • AsPolicyValueField
  • AsPolicyValuationEffect
  • AsPolicyValue
  • AsPolicyValuesCalculation
  • AsPolicyValuesCalculationField
• For PIT valuation with fund-level tracking, the AsDeposit tables above are not populated, but the applicable percentage is deducted from each fund value.

If the funds involved require an NUV, but no NUV is available at the time of processing, the activity's status will be set to NUV Pending, and no valuation records will be written until NUVs are available.

Assignment Type: SplitPercentageRemoval

Type = SplitPercentageRemoval
Attributes	REMOVALPERCENTAGE	Required: Defines the percentage of the remaining policy value that will be deducted to meet the required removal percentage. Percentage should be represented as a decimal.
	REDEMPTIONFEE	Required: If this attribute is given a value of "Yes", the assignment will calculate the Redemption Fee. The fee will reduce the amount removed by the SplitPercentageRemoval.
	REDEMPTIONMONEYTYPE	Optional: Defines the MoneyType of the Redemption Fee. AsCodeMoneyType contains a designated code name for the SplitPercentageRemoval MoneyType.
	MONEYTYPE	Optional: Defines the MoneyType of the SplitPercentageRemoval assignment. The MoneyType is referenced in the valuation record created for the fund/deposit removal.
	USEUNITS	Optional: This attribute can be used to specify if removal is to be performed by UNITS. Values: Yes/No, Default: No When "USEUNITS" is set to Yes, the removals are performed based on percentage of fund units opposed to fund Cash Value.
Element Value	None
Note: Unlike other assignment types, the SplitPercentageRemoval assignment's MoneyType is defined in the MONEYTYPE attribute, rather than in the <MoneyType> element.
Used when	To remove a designated percentage from each undepleted deposit of each underlying fund.

XML Example

<Assignment TYPE="SplitPercentageRemoval" REMOVALPERCENTAGE="GrossedUpSplitPercent" MONEYTYPE="99" REDEMPTIONFEE="No">

</Assignment>