Will the rates and coverage of a Compensation based Coverage plan change when the salary of an Emplo
We have a Disability Plan where the coverage is 0.6 of the Annual Compensation and the rate is a multiplier of the Coverage.
Now if the Employee's salary changes without any life event occuring. Will the rates and coverage automatically change or will it happen only if the Employee has a qualifying life event and reenrolls.
If it changes,will that reflect in the next Element entry and Benefit Extracts?
FYI,the plan is an automatic enrollment for all eligible Employees.