TIMES_PER_YEAR is an optional 5-digit numeric field used to indicate the number of Times Per Year this frequency is to occur. This field is extremely important for Benefits processing.
For example: The rate basis of the coverage is Monthly and the frequency is Biweekly with the ‘Times per Year’ as 26.A Premium of $12.00 per month would be multiplied by 12 to obtain the annual amount ($144.00) and then divided by 26 to obtain the deduction amount ($5.54). If the Time per Year were 27 then the deduction amount would be $5.33 not $5.54.
