Open Benefit Code
Benefits Administration > Installation and Maintenance > Benefit
Select the Benefit Code to update.
Press Modify, which will open the Modify – Benefit Codes window.Figure 1. Select the Benefit Code, then press Modify.
Open the Benefit Data tab from the top of the window.Figure 2. Open the Beenfit Data tab.
Update Rate Source
There are three options for the benefit rate source—Rate Formula, Rate Table, and Fixed Rate. (Only one rate source can be used per benefit code.)
Changing Fixed Rate
Select Fixed Rate from the Rate (K1) options which will make the number field to the right available.
Enter the new fixed rate for the benefit in the number field now.Figure 4. When Fixed Rate is enabled, the rate can be entered as a decimal to the right.
Press OK button at the bottom of the window to save the change to the benefit rate.
Changing Rate Formula
First select Rate Formula from the Rate (K1) options.
Then select the Rate Formula tab from the top of the Benefit Codes window.Figure 5. When Rate Formula is enabled, the rate must be entered using a formula on the Formula tab.
Enter the new benefit rate formula into the formula fieldss (F1–F9; usually, formulas will only require using the first field).
Enter the variable used for the Rate (K1) field of the Rate Formula.
Press OK at the bottom of the window to save the changes to the benefit rate.
You might want the rate for each Pay Group to be different. This can be done by using a formula that selects a rate based on the Pay Group directly:
The calculation is entered in the F1 field, then the result is stored into a variable (the “F1” variable).
The Rate is set to equal F1; meaning the value of the rate will come from the equation entered in the “F1” field.Notes:
@IF is a built-in function for choosing one of two values using a test (in this case the test checks the Pay Group Code).
V32 is a variable for the employee Pay Group.
|More information on the available variables, functions, and examples of some common benefit formulas, are available in the BA: BENEFITS ADMINISTRATION REFERENCE MANUAL under Appendix A and Appendix B.|
Existing formulas can be imported and exported using the Import and Export buttons at the bottom of the Modify – Benefit Codes window
Changing Rate Table
Select Rate Table from the Rate (K1) options.
Select the Rate Table tab from the top of the Benefit Codes window.Figure 6. When Rate Table is enabled, the rate is entered from the Rate Table tab.
Enter the age range, and smoking and non-smoking rate for each row in the Life Insurance benefit rate table.
Enter the “To” field of an age range and the “Age From” field for the next row will automatically be generated. (You can enter a 0 on the “Age From” field of a row to remove the automatically generated “To” value).
The age, sex, and smoking status of the employee is pulled from the Employee Profile automatically and is used to select the appropriate rate value from the table.