Payroll not picking up updated Element rate

Summary:

Payroll not picking up updated Element rate

Content (please ensure you mask any confidential information):

We have a nonrecurring standard earnings element set up as Hours * Rate that gets paid based on hours entered for corresponding time type. We have a default rate of 150 on the element setup but need to change the rate to 500. After the rate is changed on the element setup, the payroll process is still paying at the old rate.

We don't have "Apply default at run time" checked but the system will not allow edit of that field.

Is there any way to change the rate that gets applied during payroll?