If a benefit is a group term life insurance benefit, the IRS Table I -- Uniform Premiums defined in configuration will be used to determine the actual benefit amount at calculation time using the standard equation:

    • IF PERCENTAGE OF GROSS: Take percentage of gross on benefit (usually 200% or 300%) * Gross pay (user can filter pay types on restrictions tab)

    • IF AMOUNT: Skip this step.

    • Subtract $50,000 from this amount to determine excess benefit over $50K

    • Divide this amount by $1000 and multiply by Uniform Premium Rate based on age of the employee as of the end of the calendar year.

    • Subtract deductions linked to benefit (defined on restrictions tab) to exclude employee contributions from benefit amount.

    • The result is the amount of the benefit
    The percentage is the amount of coverage the policy allows for each employee and is based on the salary. For example, 200% would mean the policy covers up to 200% of the employee’s salary. Most organizations are twice the salary, but some are different.