Define Limits
|
|
|
|
This page allows you to define the contribution limits for Savings, Flexible Spending plans.
If the plan category is “Flexible Spending”
The system defaults the Plan Category, Plan Name and Version from the previous screen.
Select any other versions if multiple history records available for the plan.
Enter the following details.
Total Contribution Limit |
The total contribution amount allowed for the plan. Mandatory |
Total Contribution On |
“Employee & Employer” is defaulted so the system checks the overall limit. Mandatory |
Contribution Stops on Reaching Limits |
Select “Yes” from dropdown if the contribution should stop after reaching limits else select “No”. Mandatory |
Employee Contribution |
Amount is selected by default. Mandatory |
Employer Contribution |
Amount is selected by default. Mandatory |
Amount Min – Max |
The minimum and maximum amount that can be contributed by the employee. |
Per |
Select “Annum” from dropdown to indicate the employee contribution is defined per annum. |
Amount Min – Max |
The minimum and maximum amount that can be contributed by the employer. |
Per |
Select “Annum” from dropdown to indicate the employer contribution is defined per annum. |
If the plan category is “Savings”
The system defaults the Plan Category, Plan Name and Version from the previous screen.
Select any other versions if multiple history records available for the plan.
Enter the following details.
Age Group |
Select the age group from dropdown for which the plan is applicable. |
Age As On |
‘Plan Begin Date’ is prepopulated as age on the plan coverage begin date is considered. |
Total Contribution Limit |
Enter the maximum total contribution amount that can be contributed by employee towards the plan. Mandatory |
Total Contribution On |
The total contribution is applicable to the employee, so ‘Employee’ is prepopulated. Mandatory |
Contribution Stops on Reaching Limits |
Value is prepopulated ‘Yes’ so the contribution doesn’t exceed Maximum. Mandatory |
Employee Contribution |
Select “Percentage” from dropdown if the employee contribution has to be defined in percentage, else select “Amount”. Mandatory |
Employer Contribution |
Select “Percentage” from dropdown if the employer contribution has to be defined in percentage, else select “Amount”. Mandatory |
If the Employee Contribution is “Amount”, enter the following details.
Amount Min – Max |
The minimum and maximum amount that can be contributed by the employee per Annum. |
Per |
Value is prepopulated ‘Annum’. |
If the Employee Contribution is “Percentage”, enter the following details.
Percentage On |
Percentage of employee’s Base Salary is taken by system which is prepopulated. |
Max % - Min % |
The minimum and maximum percentage that can be contributed by the employee. |
If the Employer Contribution is “Amount”, enter the following details.
Amount Min – Max |
The minimum and maximum amount that can be contributed by the employer. |
Per |
The amount is taken per year, hence value is prepopulated ‘Annum’. |
If the Employer Contribution is “Percentage”, enter the following details.
Contribution % |
The contribution of the employer in percentage. |
Employer Total |
Enter the maximum amount that can be contributed by the employer. |
Percentage On |
The percentage is taken on employee’s Base Salary and prepopulated. |
If the Employer Contribution is “Based on Employee’s Percentage”, enter the following details in the multiline.
Employee (%) From |
The percentage of employee contribution from which the contribution limit is calculated. |
Employee (%) To |
The percentage of employee contribution till which the contribution limit is calculated. |
Employee (%) |
The percentage of employer’s contribution on employee’s contribution. |
On |
Select an option from dropdown to indicate if the contribution is based on employee’s contribution or employee’s Base salary. This option gives flexibility to define a range of employee’s percentage and employer’s contribution for that range. |