New Hire Life Event effective 01/01/24 is showing old rates

Hi Experts,

I need your advice on New Hire life event triggered on or after Dec 2nd 2023. We have completed Open Enrollments for 2024 in the month of November. Some of the plan rates have changed effective 01/01/24.

Now, for employees who had a New Hire life event on or after 2nd Dec 2023 would have the effective date of 01/01/24. So, the employee should see the new rates. However, the said new hire employees are seeing old rates as part of New Hire LE

Is this something that is expected or I'm missing any configuration in benefits?

Please advise