Set up Sick Entitlement

PeopleSoft 9.2 - Global Payroll and Absence

We are trying to set up a sick entitlement:

-5 days annual awarded in January each year

-max take of 3 days in a single month

We created a day count formula to control the max 3 days per month requirement

Is the best way to control the 5 days per year awarded each January through the setup in the screenshot? Do we need to add a generation control element that has a frequency of January?