Last updated on DECEMBER 29, 2015
Applies to:PeopleSoft Enterprise HRMS Human Resources - Version 9.2 and later
Information in this document applies to any platform.
The Age Reduction percentage is applied to the coverage after it has been calculated using the Coverage Formula and the Minimum/Maximum Benefit applied.
For example, for a Coverage Formula = (Base * 2) Round where Round is taken to the nearest 1,000, with a Base of 50,399:
50,399 *2 = (100,798) Round = 101,000 less 15% (age reduction) = 85,850
If, however, the plan had a maximum benefit of 100,000, the calculation would change to the following:
50,399 *2 = (100,798) Round = 101,000
Minimum (calculated 101,000, maximum 100,000) = 100,000
100,000 less 15% (age reduction) = 85,000
Currently there are no rounding rules available for the Age Reduction portion of the Coverage Formula.
Note: Age reduction is hard-coded to take effect on the employee's birthday, and can NOT be changed using age rules for the insurance plan.
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