Benefit Components specify all of the rules, usercalcs, elements, field values, factors, and
constants associated with a benefit plan.
When a benefit plan is defined, there are a variety of decisions to be made for each plan:
As each benefit plan/coverage is created, users decide which components are necessary to define the plan. Once the components are decided, users choose which option/rule is applicable for each component.
When a plan is created, the premium needs to be defined, specifically, how much to remit, when to remit it, and how / when the premium may be taken.
These rules are held in benefit components. Users are provided with a list of possible components and the options/rules available for each one. Users decide which of the benefit components will be necessary for each benefit plan.
The benefit components allow a great deal of versatility for defining benefit plans. In cases where the existing options may not allow for every possible plan rule, the ePersonality UserCalc tool has been made available. With this tool, users are given the ability to create a custom calculation to derive necessary information for the plan. Users are also given the opportunity to carry amounts calculated within benefits processing to payroll, and subsequently to employees’ pay stubs and financial ledgers. The link between benefits and payroll is established with pay components.
Benefit components are maintained in the IBBC form. All of the available BC codes and their associated options/rules are supplied with the Application software. Users may choose which rules will be available to plans, and what information may be overridden at plan entry.
The ability to delete or change information on this form is provided, however, it is strongly recommended the information on this form not be changed. These benefit components and rules are necessary for all benefit plans. If deleted here, no plan may access the component.
As well, the applicable rules are pre-defined for all components and should not be added to or edited.
When a benefit plan is defined, there are a variety of decisions to be made for each plan:
- Who is qualified for the plan/coverage being defined?
- Are there eligible earnings for the coverage? If so, what are they?
- What formula is needed to calculate the coverage?
- Is there any coverage stepping involved?
- How is the premium calculated?
- For Canadian installations, are there any premiums or sales taxes to be calculated?
- If this is a self-insured plan, what are the admin fees, deposit liabilities and contract amounts?
- Is there an employer contribution? If so, how is it calculated?
- Is there an employee deduction? If so, how is it calculated?
- Is the plan a flex benefit plan or part of a flex program?
- Is there a taxable benefit amount to be calculated?
- Is this a savings bond plan?
- Are authorized users allowed to adjust the amounts being remitted?
As each benefit plan/coverage is created, users decide which components are necessary to define the plan. Once the components are decided, users choose which option/rule is applicable for each component.
When a plan is created, the premium needs to be defined, specifically, how much to remit, when to remit it, and how / when the premium may be taken.
These rules are held in benefit components. Users are provided with a list of possible components and the options/rules available for each one. Users decide which of the benefit components will be necessary for each benefit plan.
The benefit components allow a great deal of versatility for defining benefit plans. In cases where the existing options may not allow for every possible plan rule, the ePersonality UserCalc tool has been made available. With this tool, users are given the ability to create a custom calculation to derive necessary information for the plan. Users are also given the opportunity to carry amounts calculated within benefits processing to payroll, and subsequently to employees’ pay stubs and financial ledgers. The link between benefits and payroll is established with pay components.
Benefit components are maintained in the IBBC form. All of the available BC codes and their associated options/rules are supplied with the Application software. Users may choose which rules will be available to plans, and what information may be overridden at plan entry.
The ability to delete or change information on this form is provided, however, it is strongly recommended the information on this form not be changed. These benefit components and rules are necessary for all benefit plans. If deleted here, no plan may access the component.
As well, the applicable rules are pre-defined for all components and should not be added to or edited.
Screen captures are meant to be indicative of the concept being presented and may not reflect the current screen design.
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