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Issue calculating the Imputed Shell Plan amount per thousand dollar

in Benefits 1 comment

We have configured imputed plan variable rates, but as per our expectation we should have the amount calculated for per thousand dollar of the extra coverage.

Example: Emp age is 65 with Basic Life Coverage amount of $126000. The limit for Imputed is $50,000. So we have 126000-50000=$76,000 as extra coverage on which Imputed Rate will be applied.

so according to IRS table for age band of 64-69 rate is 0.66. so calculation would be (76,000/1000)*0.66=50.16 is expected amount per month.

But currently the system is returning us $50160 as the amount. Basically it is not calculating the amount per thousand dollar.

Can you please suggest if there is any other configure which needs to be done or this cannot be handle with config and needs a Fast formula.

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