Calculating life insurance reportable income

Use this report to calculate the cost of excess employee and dependent life insurance for each employee. This report performs calculations based on the coverage and contributions in effect on the As of Date. You can create a time record for each employee to update taxable wages. The time record represents the cost of excess life insurance for the reporting period. You can calculate the cost of life insurance annually, monthly, or by pay period.

You must have group life rate tables already defined.

  1. Select Benefits > Maintenance > Processes > Life Insurance Reportable Income.
  2. Click Create Report.
  3. Specify this information:
    As Of Date

    If left blank, this process will run as of the current date.

    Cost Period

    Select a cost period by which costs are calculated.

    Employee Life

    Select this check box if this process is for Employee Life reportable income.

    Dependent Life

    Select this check box if this process is for Dependent Life reportable income.

    Benefit Group

    Select a benefit group to run this process for a set of employees. Leave blank to run for all employees.

    Use Pre Tax Amount

    Select this check box to use Pre Tax contribution in the calculation.

    Create Time Record

    Select this check box to create time records that are based on the results of the report. If not selected, you can choose to create time records after viewing the results of the report.

    When this field is checked, the transactions for life insurance reportable income and resulting calculation for imputed income are created in the Time Record export interface to Infor HR Management Payroll and time records are created in Approved status in HR Payroll. See Infor HR Talent Resources Setup and Administration Guide > Resource Administration > Time Entry.

  4. Click OK to process this action immediately.

    or

    Click Schedule to schedule the action to run later.

    These are related activities:

    To Use
    View errors Errors tab
    Create time records Create Time Records action