Defining buy sell benefit vacation plans

Resources can purchase additional, or sell extra, vacation hours with buy sell benefit vacation plans. Before you start:

Plan Types with Eligibility Groups must exist before you can create the Absence Plan Benefit Group
A Flex plan is required to create a Vacation Buy or Sell Benefit Plan
The Flex plan must have Flex Credits

For information about defining benefit plans, see the Benefits Management User Guide.

Select Benefits > Plans > Benefit Plans.
Click New.
In the Main tab, specify this information.

Type

Select Vacation.

Benefit Plan and Description

Provide a name and description for the new benefit plan.

Start Date

Specify the start date.

Contribution Types

Select Contribution Limits.

Plan Type

Select a plan type with eligibility group or groups.

Vacation Type

Select either Buy or Sell.

Note: Plan Type and Vacation Type must be used together and must be specified before an Absence Plan Benefit Group record is created
On the Eligible tab, select the Employee Covered check box and select a Benefit Group that is eligible for enrollment.
In the Flex tab, select a Flex Plan that has Flex Credits.
In the Deduction tab, select a Frequency Table. For Buy benefit plans, a Pre Tax deduction Amount must be specified.
Click Save.

Note: After you save the record, the remaining tabs are available.
In the Entrance Rules tab, create at least one Entrance Rule.

For information about Entrance Rules, see the Benefits Manager User Guide.
In the Contributions tab, create at least one Premium.
1. In the Premium setup > Contribution Limits tab > Vacation section, specify this information:
  
  Maximum Hours
  
  Specify the maximum hours that can be bought or sold.
  
  Cost
  
  This field is multiplied by the number of hours a resource enrolls into to determine the true cost of buying or selling hours.
  For more information about Contributions, see the Benefits Manager User Guide.
Click Save.