Enabling imputed income for benefit plans

The Enable Imputed Income check box can be selected for a benefit plan that has a contribution type of flat contribution, options amount, options amount range, or salary or coverage rate table. The typical plan types that provide this are: life plans, health plans, and disability plans. On the Eligible tab for a benefits plan in Plans > Benefit Plans, the Coveredcheck box must be selected for employees as well as a benefit group identifying the eligible employees.

Once Enable Imputed Income is selected, you must select the pay code that is used on the standard time record for the employee if this is a disability, health, dental, or vision plans. A pay code is not required for life plans. The imputed income for a life plan is calculated by the "Life Insurance Reportable Income" process and may be calculated using more than one plan. If imputed income is disabled for a plan, the imputed income amounts on a contribution record are removed. These amounts are not removed from a rate table; instead they are not referenced.

In addition to identifying imputed income for life plans in the US, when you select Enable Imputed Income, you can specify an imputed income amount for any contribution. For example, you can specify amounts on the contribution for dependents in a health plan.