Creating flex credits based on age
- In Benefits > Plans > Flex Plans, open a flex plan and select the Flex Credits tab.
- Click Create and select the Age tab.
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Specify this information:
- Date Type
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Select the date type to use to determine employee age.
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Current: Calculates the employee's age based on the system date flex credits are calculated
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First of Month: Calculates the employee's age based on the first of the month flex credits are calculated.
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As Of Date: Calculates the employee's age on the month and day that you specify in the Month Day and Year field.
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- Month Day / Year
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If you select As Of Date in the Date Type field, specify the month, day, and year that the application uses to determine an employee's age for flex credit calculation. If you leave the Year field blank when using the As Of Date, the employee's age is calculated on the latest month and day specified. If you specify a Year, the employee's age is calculated from the exact month, day, and year that you specify.
- Rate Table
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Select the table to use to calculate flex credits.
Note: The system uses the rates defined in the Flex Credits column of the selected rate table. Ensure that the rate table has values in this column. - Age Credit Per
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To give flex credits using the employee's annual salary rather than a flat amount, specify the salary amount for each credit. The application uses this formula to calculate credits: employee's salary/Credits Per * Credits. If you leave this field blank, age credits are a flat amount.
- Rounding Method
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Select the method of rounding.
- Round To
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Specify the decimal place to which to round.
- Minimum
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Specify the minimum credits an employee can receive based on age.
- Maximum
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Specify the maximum credits an employee can receive based on age.
- Click Save or select another tab to complete the flex credits.