Advanced Benefits - PSFT (MOSC)

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Age Reduction for Life Insurance working for some plan types & not others - Calculated Base amount

edited Mar 30, 2022 1:23PM in Advanced Benefits - PSFT (MOSC) 2 commentsAnswered

We have 3 plan types that have Age Reductions on the corresponding Coverage Formula Table which reduces the coverage by 35% when the EE reaches Age 65 & by 50% when the EE reaches age 70.

The plan types include:

  • PT 23 - Basic Life and AD&D         
  • PT 21 - Supplemental/Optional Life 
  • PT 25 - Dependent Life                    

The "Calculated Base" on the Paycheck Deduction tab reflects correct amounts for Basic Life plan and the Supp Life plan but is incorrect for Dependent Life plan.

Example:  EE is age 71 and has a base salary of 80,000.  His Basic Life is reduced by 50% and his Calculated Base reflects $40,000 which is correct.

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