Prorate Benefits Premiums?
Indiana University is seeking feedback on how (or if) other institutions prorate benefit deductions on a hire and termination?
For example:
A monthly paid employee with a pay period of the 1st of the month and the last day of the month enrolls in or terminates from benefits somewhere in the middle of the month.
- Do you manually calculate a prorated amount?
- Do you take the whole premium regardless of the date?
- Do you setup deduction begin and end date rules to something other than coverage elect date? If so, what are your date rules?
Any information you can provide is appreciated.