Specifying savings plan details

Savings plan details

Select the “Savings Plan Details” link.
The “Savings Plan Details” page appears.
The system displays the following.

Date format	The date format of the previous page.
Benefit Definition Unit	The benefits definitions unit selected in the previous page.
Currency	The currency in which premium is paid for the plan.

Enter or Select the Following.

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.

To specify contribution details for a plan

You must have selected “Contribution Details” option from the “Coverage Option” drop-down list box.
You must specify a unique contribution description in the “Contribution Description” field.
Specify the employer contributions details and employee contribution details in the respective group boxes.

To specify employee contribution details

You can specify the employee contribution in terms of amount, percentage of salary or define a rule. Only one among them must be specified. Otherwise system will throw an error.
Specify the following details.

Minimum Amount	The minimum amount that can be contributed in the plan.
Maximum Amount	The maximum amount that can be contributed in the plan
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.
Incremental Steps (%)	The increase percentage of contribution. Note that you can specify this value only if the minimum and maximum contribution values have been specified.
Rule	The rule name that determines the contribution value for the plan.

To specify employer contribution details

You can specify the employer contribution in terms of amount, percentage of salary or define a rule. Only one among them must be specified. Otherwise system will throw an error.
Specify the following details.

Minimum Amount	The minimum amount that can be contributed in the plan.
Maximum Amount	The maximum amount that can be contributed in the plan
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.
Employer Contribution (%)	The percentage of employee’ pay that the employer can contribute.
Maximum Matching Contribution in (%)	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 the 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.
Rule	The rule name that determines the employer contribution for the plan.

To specify self-coverage details in amount

You must have selected “Self Coverage Details” option from the “Coverage Option” drop-down list box.
Enter the following 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.
Incremental Steps (Amt)	The increase in the contribution of the coverage amount.
Coverage Rule	The rule name that defines the coverage amount for the benefit plan.

To specify self-coverage details in times pay

You must have selected “Self Coverage Details” option from the “Coverage Option” drop-down list box.
Enter the following details in the Self Coverage Details group box to specify the coverage in terms of times pay.

Minimum (in Times Pay)	The minimum number of times pay that can be covered.
Maximum (in Times Pay)	The maximum number of times pay that can be covered.
Incremental Steps (in Times Pay)	The increase in the contribution of the coverage amount.
Coverage Rule	The rule name that defines the coverage value for the benefit plan

To specify coverage matrix details for the plan

You must have selected “Coverage Matrix” option from the “Coverage Option” drop-down list box.
You can specify the details for the plan in the “ Coverage Matrix” group box.
Specify the following details in the coverage matrix group box.

Coverage Level Description	The unique description of the coverage level.
Amount	The amount that can be covered for the coverage level.
X 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.

To specify the maximum amount that the employee can contribute for the plan in a calendar year under the statute.

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.

Select the “Save” pushbutton to save the details entered.

Page objective