Consequences of changing Absence Plan Term date every year
SummaryConsequences of changing Absence Plan Term every year
Client requirement is to change the plan term every year. We would like to know the consequences of changing the plan term date very year for absence plans. We would like to know the best practice and recommendations on changing the plan term date.
The requirement is below:
Vacation Executive Plan - It is Frot loaded plan, accrual should happen after every first pay Date of the year in January. It could be Jan 4th in 2020 and Jan 3rd in 2021. This date keeps changing based on the payroll calendar, it is a bi-weekly payroll calendar. We would like to know the consequences of changing the plan term date every year for this plan? and what is best practice?