We are running into a problem with the Basic Life Insurance plan set up for OE. Can you post a question on the community?
The Basic Life Insurance is calculating the cost per paycheck based on the full amount of the life insurance not the age reduction amount. The age reduction is set up on the table (bn17.4)
Example that Lawson is calculating incorrectly:
Salary: $222,560
Lawson reduced the benefit correctly to $145,000 of coverage ($223,000 * .65 = $144,950, rounded up to $145k).
Lawson is showing the per paycheck as $5.15 below: $223,000/1000 = 223 * .05 = $11.15 * 12 /26 = $5.15 per paycheck which is incorrect.
The system is not calculating the per paycheck cost at the reduced $145k correctly.
Should be: The Basic Life reduced to $145,000 would be: $145,0000/1000 = 145 * .05 = 7.25 * 12 /26 = $3.35 per paycheck.
Are there any other screens that need to be updated?
