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How to keep annual rate election but recalculate per pay period rate
Summary
How to keep annual rate election but recalculate per pay period rateContent
When a New Hire enrolls in FSA mid-year, their Rate is based on the number of pay periods remaining in the current year. Our annual Open Enrollment is Passive so we're using Current - keep... & Current - same enrollments and rate... The issue we're facing is that the Rate is not recalculating using the number of pay periods in the new year.
Example: New Hire (Semimonthly Pay Frequency) with FSA Rate Start on 7/1/2019 (12 pay period remaining) elects $1200 annually and does not change the rate during Open Enrollment for year 2020.
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