Credits for Short/Long Term Disability (STD/LTD) Plan Cost Calculation using Salary Percent Rate (Doc ID 624130.1)

Last updated on JUNE 09, 2023

Applies to:

Goal

Flexible Credits for Long Term Disability (LTD) are based on a % of Salary Rate Table, which is .480 of ABBR.

If an employee Waives, they get a credit. The "waive" plan has been set up as OPTOUT.

How can the amount of credit be determined without an actual "cost", for example the way rate per thousand is used for Life and LTD Plans. Would this be considered a "special calculation routine" which would need an bolt on process behind the scenes with specific rates?

The same applies for the cost. How else will the application know how to calculate what the cost of the LTD plan is and what the credits are, without an actual cost table?

Solution

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