Specify Savings Plan Details

Through this activity, you can specify details for a savings plan. You can specify the employee contribution in terms of amount, percentage of salary or define a rule.

Select the “Specify Savings Plan Details” link at the bottom of “Maintain Benefit Plan” page.

The “Specify Savings Plan Details” page appears.

Note: Clicking this icon available near certain fields takes you to the help page of the respective field.

The system displays the following

Benefits Definition Unit	The benefits definitions unit selected in the previous page.
Currency	The currency in which premium is paid for the plan.

Enter the following details:

Contribution should stop on reaching Annual limits

From the drop-down list box, specify whether the contribution should stop on reaching annual limits or not. The combo is loaded with the values “Select”, “Yes” and “No”.

Coverage Option

The drop-down list box displays three values namely “Contribution Details”, "Coverage Details" and "Coverage Matrix". One among them must be selected.

If “Coverage Details” option is selected enter the details in the “Contribution Details”, “Self Coverage Details” group box. If “Coverage Matrix” option is selected, details in the “Coverage Matrix group” box must be entered.

Enter the following details in the “Contribution Details” group box:

Contribution Description

The description of the contribution.

Enter the following details in the “Employee Contribution” group box:

Minimum Amount per Annum	The minimum amount that can be contributed in the plan per annum.
Maximum Amount per Annum	The maximum amount that can be contributed in the plan per annum.
Minimum Catchup Amount per Annum	The minimum catchup amount that can be contributed in the plan per annum.
Maximum Catchup Amount per Annum	The maximum catchup amount that can be contributed in the plan per annum.
Minimum (%)	The minimum percentage of pay that can be contributed in the plan.
Maximum (%)	The maximum percentage of pay that can be contributed in the plan.
Minimum Catch up%	The minimum catch up percentage of pay that can be contributed in the plan.
Maximum Catch up%	The maximum catch up percentage of pay that can be contributed in the plan.
Incremental Steps (%)	The increase percentage of contribution.

Note: You can specify this value only if the minimum and maximum contribution values have been specified.

Enter the following details in the “Employer Contribution” group box:

Amount

The percentages of employee pay that the employer can contribute.

Non Elective Percentage

The non elective percentages of employee pay that the employer can contribute.

Maximum Percentage

The maximum percentage of matching contribution paid by the employer with respect to the employee’s contribution. For example, employee’s min contribution is 10% and max is 30 % and the employee contributes 30% of his salary. Employer’s minimum contribution is 10% and maximum contribution is 20%.

Case 1: If the matching contribution is specified as 50%, it indicates that the employer will contribute 50% of 30 % i.e. 15% of the employee’s salary.

Case 2: If maximum matching contribution is specified as 80% it indicates that the employer will contribute 80% of 30 % i.e., 24 %. But since his maximum is restricted to 20 % the employee contributes only 20% of the employee’s salary.

Case3: If the matching contribution is specified as 20%, it indicates that the employer will contribute 20% of 30 % i.e. 6%. But since his minimum contribution is restricted to 10% the employee contributes 10% of the employee’s salary.

Enter the following details in the “Employer Matching Contribution Percentage” multiline:

Percentage on Employee Contribution	The percentage of pay that the employee can contribute.
Up to Percentage on Gross Compensation	The percentage of pay up to which the employee can contribute on gross compensation.

Enter the following details in the “Coverage Details” group box:

Coverage Description	The description of the coverage level.
Minimum	The minimum amount covered in the plan.
Maximum	The maximum amount covered in the plan.
Minimum (in Times Pay)	The minimum amount of times pay covered in the plan.
Maximum (in Times Pay)	The maximum amount of times pay covered in the plan.
Incremental Steps (Amt)	The increase in the contribution of the coverage amount.
Incremental Steps (in Times Pay)	The increases in the contribution of the coverage amount of times pay.
Coverage Rule	The rule name that defines the coverage amount for the benefit plan. Click the

Enter the following details in the “Coverage Matrix” multiline:

Coverage Level Description	The unique description of the coverage level.
Amount	The amount that can be covered for the coverage level.
In Times Pay	The percentage of salary that can be covered.

Note: that you must specify amount, times pay or rule for a coverage level. If you specify more than one value, the system will throw an error.

Enter the following details in the “Maximum Amount” multiline:

From Year	The start date of the year.
To Year	The end date of the year.
Maximum Amount	The maximum amount that can be contributed during the year for the plan.

Click the “Save” pushbutton.

The system saves the savings plan details of the employee.

To process further, carryout the following

Select the “Specify Auto Enroll Parameters” link at the bottom of the page to specify the auto enroll parameter details.