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Benefit Amount Recalculation

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edited Jan 15, 2021 1:24PM in Benefits 2 comments

Content

Benefit amounts for life/disability plans are calculated using a rolling 12 months of bonus, commissions and other incentives aggregated with annual salary. We have to process the life event on every pay check to get the latest amounts (above mentioned) to recalculate the benefit amount. Also, it is very well possible that the employee might have a some other life event whose enrollment period is closing after the check date. This will delay the processing of compensation changed life event and cause Retro entries in payroll and benefit vendor will have old coverage until this life event is processed.

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