The Savings Benefits page contains information about employee contributions to 401(k) or other savings plans offered by your employer. Sage HRMS calculates both employer and employee contributions automatically. You must set up your plans before entering employee data on this page.
Note: Sage HRMS keeps track of the contribution per pay period based only on the pay rate stored on the Current Pay page. It does not track accumulated contributions or contributions based on "actual" pay that might differ from the stored pay rate. The plan administrator should provide the total value of the plan.
Sage HRMS provides employee salary information, including the annual pay, frequency of pay, and salary per pay period. You cannot edit this information, as Sage HRMS provides the data from the Current Pay page.
The Show All Benefits Plans option shows all of the benefit plans, including the ones that have expired. The Show Current Plans Only option shows only the current plans that have not expired or do not have an expiration date.
If you select the Include History Records check box, it will show any changes to the amounts for an employee benefit (coverage amounts, premiums, contributions, or other calculated amounts). Each history record shows the date those amounts went into effect and the reason for the change.
Savings Benefit Page Tabs
The Savings Benefits page contains three tabs:
Benefit
| Field Label | Field Description |
|---|---|
|
Benefit Plan |
This is a plan that was defined using the Benefit Savings Plans setup page. |
|
Automatic Update |
Select to automatically calculate participation and contributions from the information provided on the Benefit Savings Plans setup page. Select if you do not want to update this benefit for this employee. |
|
Effective Date |
Enter the date participation begins. This is the same as the plan effective date. Note: Regardless of the date you enter, Sage HRMS will start calculating the benefit at the time you add the enrollment. This means that even if you enter a date in the past or a date in the future (before or after the system date), the calculation will begin on the day you add the enrollment. |
|
Expiration Date |
The date the benefit plan ends. You normally leave this date blank to show ongoing participation. When you terminate an employee, Sage HRMS prompts you to enter an expiration date. |
|
Latest Change |
The date the most recent changes to the amounts occurred. This field is automatically updated whenever a change is made to a plan’s amounts. If you enter a new plan, Sage HRMS enters the plan's effective date in this field. If you are using Sage Employee Self Service for Benefits Enrollment, the date defaults to the Plan Year Effective Date set for the plan. |
|
Change Reason |
The reason for the most recent changes to the amounts. If you are using Sage Employee Self Service for Benefits Enrollment, the reason defaults to the description for the open enrollment period in which the employee enrolled in this plan, for example, Open Enrollment Spring 2008. |
|
Employee Cost / Contribution |
Select either Amount or Percent and then enter the amount or percentage the employee contributes (usually in a payroll deduction) in the next field. Note: This field is not automatically linked to any Sage HRMS Payroll deduction. |
|
Per |
This field represents the period for the Employee Contribution (payroll deduction). You cannot change this field from this page. |
|
Employer / Contribution |
This represents the amount the employer contributes toward the benefit as either a percentage or an amount. Sage HRMS calculates the value based on the data provided when you set up the benefit. The system rounds the value; that is, if the amount is 112.308, Sage HRMS inserts 112.31. You cannot edit this field from this page. Note: Sage HRMS automatically refreshes this field each time you change the Employee Amount/Percent buttons or the Employee Contribution field. This allows you to view the Employer Contribution changes. |
|
Eligible Date |
Enter the date the employee is eligible for this benefit. |
|
Waive Date |
Enter the date the employee waived coverage for this benefit, if applicable. When you enter a waive date, the employee and employer contributions are blank. When you run the Update Benefit Calculations process, Sage HRMS does not calculate eligibility for employees who waived coverage. |
User Defined
The User Defined tab of the Savings Benefits page provides four miscellaneous fields. Use these fields to indicate information for which Sage HRMS should look when calculating percentages, rates or coverage.
For example, for savings plans, you could indicate matching percentage by contribution or other types of information not stored elsewhere in Sage HRMS. When you set up Rate Tables, they can refer to the contents of these fields.
Assign Beneficiaries
The Assign Beneficiaries tab provides information about the beneficiaries that the employee has designated for this savings plan.
To assign a beneficiary
- Click Add. A list of dependents and beneficiaries opens. These are the dependents and beneficiaries you added on the Dependents and Beneficiaries page who are not currently assigned to this plan.
- Select the dependent/beneficiary you want to assign and click . The first assigned beneficiary is automatically set as the primary with 100% distribution. All other beneficiaries are assigned as contingent. Click the More... button to make necessary changes.