Automatic enrollment parameters for savings plan
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Select the “Auto Enrollment Parameters” link at the bottom of the page.
The “Auto Enrollment Parameters” page appears.
The system displays the following.
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Date format |
The date format of the previous page. |
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Benefits Definition Unit |
The benefits definition unit selected in the previous page. |
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Currency |
The currency of the plan. |
Enter or select the following.
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Default Coverage Level |
The drop-down list box displays list all coverage descriptions defined in the savings plan page. One among them must be selected. By default the system will display with blank value. If the values are entered previously, the system will display with the latest entered value. |
To specify default contribution details
Enter the following details in the “Default Contribution” group box.
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Employee Contribution |
The amount that the employee must be contributed for the plan. |
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Employer Contribution |
The amount that the employee contributes in a plan. |
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Employee Contribution (%) |
The minimum percentage of pay that an employee can contribute in the plan. |
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Employer Contribution (%) |
The maximum percentage of employee’s pay that employer agrees to contribute towards the plan. |
To specify default coverage details
Enter the following details in the “Default coverage” group box.
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Default in Amount |
The coverage amount that is taken as contribution amount for auto enrollment. |
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Default Amount (In times pay) |
The multiples of pay that is taken as contribution amount for auto enrollment. |
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Waiting Period |
The period for which the employee must wait before enrolling in the plan. From the drop-down list box select the unit. You can select one of the two values namely “Days” and “Months”. |
You can also specify a rule name that will automate the enrollment for the plan in the “Automated Enrollment Rule” field.
Note that if you specify the rule for auto enrollment, the other fields must be blank.
Select the “Save ” pushbutton to save the details entered.
Use this page to specify the auto enrollment parameters for savings plan.
To specify default coverage details
To specify default contribution details