Creating group life rate tables

Use this procedure to define group life rate tables. These tables define group life insurance rates based on age ranges. These rates are used when calculating imputed income for excess life insurance. In the US, these rates are provided by the IRS (see Publication 15b - Employer's Tax Guide to Fringe Benefits).

  1. Select Benefits > Set Up > Group Life Rate Tables.
  2. Click Create.
  3. Specify this information:
    Group Life Rate Table

    Specify a name for the group life rate table.

    Description

    Specify a description for the group life rate table.

    Start Date

    Select the date on which the rate table becomes effective.

    Table Basis

    Specify Amount for the basis for the Group Life rate tablet.

    Currency

    Select the currency for the rate table.

  4. Click Save.
  5. After saving the group life rate table, the Detail section appears. Click Create, and specify this information:
    Beginning Age/Ending Age

    Specify the beginning and ending ages for this group life rate record.

    Cost

    Specify the cost per unit for group life coverage for employees in this age range.

  6. Click Save.