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Life Insurance
Patti Nash
Objectives
• Identify Different Methods of Life Insurance Calculations
• Identify and Set Up Rule and Validation Forms
• Review Employee Deduction Maintenance
• Identify Imputed Income Functionality
• Review Life Insurance Processing
Agenda
• Life Insurance Methods
• Rule and Validation Tables
• Application Form
• Life Insurance Process
• Life Insurance Reports
Life Insurance Methods
• Coverage equals factor times annual salary (calc rule 50)
• Coverage equals factor times prior year-to-date W2 earnings (calc rule 51)
• Coverage equals fixed amount based on annual salary range (calc rule 52)
• Coverage equals fixed amount based on age range (calc rule 53)
Method One
• Coverage equals factor times annual salary (calc rule 50)
• PTRBDCA• Calc rule 50
• Deduction type 15 is taxable for employee
• Deduction type 16 is taxable for dependent
• Deduction type 25 is non-tax for employee
• Deduction type 26 is non-tax for dependent
Method One Continued
• Amount indicators 1-4 O,S,S,S Respectively
• Option Codes• 1 should be O or N
• 2-4 should be N
• 5 is always S
• PTRBDCA• Create code for imputed income-calc rule 54 with
deduction type 13
Method One Continued
• PTRLIFI• Identify employee or institution paid
• PTRPREM• Age ranges
• Premium rate per $1,000 worth of coverage
• PTRINST
• PTRGTAX
• PTRBDFQ
• Include on tax deductions for I50
• PTRBCAT
Method One Continued
• PDADEDN• Assign deduction to employee
Method Two
• Coverage equals factor times prior year-to-date W2 earnings (calc rule 51)
• PTRBDCA• Calc rule 51
• Deduction type 15 is taxable for employee
• Deduction type 16 is taxable for dependent
• Deduction type 25 is non-tax for employee
• Deduction type 26 is non-tax for dependent
Method Two Continued
• Amount indicators 1-4 O,S,S,S Respectively
• Option Codes• 1 should be O or N
• 2-4 should be N
• 5 is always S
• PTRBDCA• Create code for imputed income-calc rule 54 with
deduction type 13
Method Two Continued
• PTRLIFI• Identify employee or institution paid
• PTRPREM• Age ranges
• Premium rate per $1,000 worth of coverage
• PTRINST
• PTRGTAX
• PTRBDFQ
• Include on tax deductions for I50
• PTRBCAT
Method Two Continued
• PDADEDN• Assign deduction to employee
Method Three
• Coverage equals fixed amount based on annual salary range (calc rule 52)
• PTRBDCA• Calc rule 52
• Deduction type 15 is taxable for employee
• Deduction type 16 is taxable for dependent
• Deduction type 25 is non-tax for employee
• Deduction type 26 is non-tax for dependent
Method Three Continued
• Amount indicators 1-4 O,S,S,S Respectively
• Option Codes• 1 should be O or N
• 2-4 should be N
• 5 is always S
• PTRBDCA• Create code for imputed income-calc rule 54 with
deduction type 13
Method Three Continued• PTRLIFI
• Identify employee or institution paid
• PTRCOVR• Enter salary ranges and coverage amounts
• PTRPREM• Age ranges
• Premium rate per $1,000 worth of coverage
• PTRINST
• PTRGTAX
• PTRBDFQ
• Include on tax deductions for I50
• PTRBCAT
Method Three Continued
• PDADEDN• Assign deduction to employee
Method Four
• Coverage equals fixed amount based on age range (calc rule 53)
• PTRBDCA• Calc rule 53
• Deduction type 15 is taxable for employee
• Deduction type 16 is taxable for dependent
• Deduction type 25 is non-tax for employee
• Deduction type 26 is non-tax for dependent
Method Four Continued
• Amount indicators 1-4 O,S,S,S Respectively
• Option Codes• 1 should be O or N
• 2-4 should be N
• 5 is always S
• PTRBDCA• Create code for imputed income-calc rule 54 with
deduction type 13
Method Four Continued
• PTRLIFI• Identify employee or institution paid
• PTRPREM• Age ranges
• Premium rate per $1,000 worth of coverage
• PTRINST
• PTRGTAX
• PTRBDFQ
• Include on tax deductions for I50
• PTRBCAT
Method Four Continued
• PDADEDN• Assign deduction to employee
Life Insurance Process
• PTRLIFE• Update dates per institution practice
• PDPLIFE• Run prior to the first payroll of the month
• Only run it once per month
• PDRLIFE• Life insurance reporting reflecting premium payments