Employee's Savings Benefits page

To open this pageClosed Select Employees > View/Edit Employee, find the employee, select Benefits, and then click Savings Benefits.

Use this page to see a table of savings benefit plans for which the employee has enrolled, such as retirement savings plans. The table shows the effective and expiration dates, employee contribution percent or contribution amount, employee contribution, employer contribution percent or contribution amount, and employer contribution.

You can change which benefit plans are displayed in the table. (The initial choice is set on the User Preferences page.) The choices are:

  • Show All Benefit Plans (even ones that expired) (This is the default.)
  • Show Current Plans Only

Note: You must set up the benefit plans for your company before entering information for the employee. See Setting up benefit savings plans.

  1. On the Savings Benefits page, click Add.
  2. On the Savings Benefits detail page, enter information in the relevant tabs.
  3. Click OK.
  1. In the table on the Savings Benefits page, highlight the plan you want to view.
  2. Either click More or click + at the beginning of the row.
  3. On the Savings Benefits detail page, make any needed changes on the tabs.
  4. Click OK.
  1. In the table on the Savings Benefits page, highlight the plan you want to delete.
  2. Click Delete.
  3. When asked if you want to delete the plan, click Yes.

The Savings Benefits detail page

The top portion (gray area) of the detail page displays the benefit plan code as well as the employee’s annual salary, pay frequency, and pay period amount. You cannot edit this information; it comes from the Current Pay page.

The Savings Benefits details page contains four tabs.

Items on the tab

 

Item

Description

Benefit Plan

Select the benefit plan for this employee. The list only displays savings plans set up for your company on the Benefit Savings Plans page.

Effective Date

Enter the date this employee's participation begins.

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

Enter the date the employee’s participation expires. Leave this date blank to show ongoing participation. If you terminate the employee, Sage HRMS prompts you to enter an expiration date.

Eligible Date

Enter the date the employee is eligible for this benefit.

Waive Date

(If applicable) Enter the date the employee waived coverage for this benefit. If you enter a waive date, the employee and employer contributions become blank. When you run the Update Benefit Calculations process, Sage HRMS does not include employees who waived coverage.

Latest Change

Displays the date the most recent changes were made to the amounts. If you enter a new plan, this initially displays the plan's effective date.

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

Displays 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 2019.

Items on the tab

 

Item

Description

Employee:
Calculate From Plan Rules

(Only available for the subscription version of HRMS)

Select Yes to automatically calculate participation and employee contributions from the information provided on the Benefit Savings Plans page. If the employee's contribution uses a different calculation, select No.

Employee:
Contribution Type

Select either Amount or Percent for the type of employee contribution.

Employee:
Contribution

Enter the amount or percent the employee contributes from each paycheck.

Note: This value is not automatically linked to any Sage HRMS Payroll deduction.

Employee:
Frequency

Displays the employee's paycheck frequency.

Employer:
Calculate From Plan Rules

Select Yes to automatically calculate participation and employer contributions from the information provided on the Benefit Savings Plans page. Otherwise, select No.

Employer:
Contribution Type

(If applicable) Displays whether the employer contributes an amount or percent toward the benefit; this is from the benefit plan setup.

Employer:
Contribution

(If applicable) Displays the amount or percent the employer contributes toward the benefit, which Sage HRMS calculates based on the benefit plan setup.

The system rounds the value. For example, if the calculated amount is 112.308, Sage HRMS inserts 112.31.

Note: If you change the employee's contribution, Sage HRMS automatically recalculates the employer contribution.

This tab contains four user-defined items where you can record additional information about an employee's savings plan or include information for Sage HRMS to use when calculating percentages, rates, or coverage. For example, items could indicate a matching percentage by contribution.

This tab contains a table with information about the beneficiaries that the employee has designated for this savings plan.

  1. Click Add.
  2. The Assigned Beneficiary Add window shows a list of Available Beneficiaries from the Dependents and Beneficiaries page who are not already assigned to this plan. Select the beneficiary who you want to assign for this plan and click Select > to move that person to the Selected Beneficiaries list on the right.

  3. Click OK. The people from the Selected Beneficiaries list are now shown in the table.

    The first assigned beneficiary is automatically set as the primary. All other beneficiaries are assigned as contingent.

  4. If needed, change the distribution percent for the beneficiaries:

    1. In the table, highlight the person you just added and either click More or click + at the beginning of the row.
    2. Enter the percent distribution.
    3. If needed, change whether the person is the primary or contingent beneficiary.

    4. Click OK

      Note: The total percent distribution for all primary beneficiaries must be 100%. If there are contingent beneficiaries, their total percent distribution must also be 100%.

  1. In the table on the Assign Beneficiaries tab, highlight the person whose information you want to change.
  2. Either click More or click + at the beginning of the row.
  3. Make the needed changes.
  4. Click OK. The information is updated in the table.

  5. If needed, repeat these steps for other beneficiaries.

    Note: The total percent distribution for all primary beneficiaries must be 100%. If there are contingent beneficiaries, their total percent distribution must also be 100%.

  1. In the table on the Assign Beneficiaries tab, highlight the person you want to remove.
  2. Click Delete.
  3. When asked if you want to remove the person, click Yes. That person is removed from the table.

  4. If needed, change the distribution percent for the remaining beneficiaries:

    1. In the table, highlight the person and either click More or click + at the beginning of the row.
    2. Change the percent distribution.
    3. If needed, change whether the person is the primary or contingent beneficiary.

    4. Click OK

      Note: The total percent distribution for all primary beneficiaries must be 100%. If there are contingent beneficiaries, their total percent distribution must also be 100%.