Costpoint Online Help

Using the Help Search
Using the Help Search
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Step 3: Update Excess Life Deductions

Use the Update Excess Life Deductions screen to initialize the deduction amount for excess life insurance for all active employees. You need to know if your excess life is based on a Factor or Insurance Amount (Calculation Method group box).

To establish excess life deduction information:

  1. Deduction Code — Enter, or click to select, the code you assigned to excess life in Step 2.
  2. Ceiling Amount — Enter the maximum amount of insurance offered by the company.
  3. Rounding Amount — This is an additional amount to add to the calculated insurance amount before it is rounded to the nearest $1,000.  For example, assume a salary of $50,900, a factor of 2, and a rounding amount of $1,500. The calculation would be:

    $50,900 * 2 = $101,800

    $101,800 + $1,500 = $103,300

    Rounding to the nearest $1,000 gives an excess life amount of $103,000.

    If you are using a Calculation Method of Factor, complete the rounding amount. If you are using Insurance Amount, there is no need for a rounding amount.

  4. Calculation Method - In accordance with your company's excess life setup, select one of the two options.
    • Factor — Select this option if the insurance amount is based on the salary amount times a factor.
    • Insurance Amount — Select this option if you wish to assign an insurance amount to a salary range.
  5. Employee Class — Use this group box to update the Employee Deduction table based on the employee class to which the employee is assigned on the Manage Employee Salary Information screen. The program uses the most current record from the Manage Employee Salary Information screen for each employee. Use the Option drop-down list to select a range of employee class codes. This allows you to select different insurance amounts or factors for employees that fall within the same salary range but are different employee classes.
  6. Labor Group — Use this group box to update the Employee Deduction table based on the labor group to which the employee is assigned on the Manage Employee Salary Information screen. The program uses the most current record from the Manage Employee Salary Information screen for each employee. Use the Option drop-down list to select a range of labor groups. This allows you to select different insurance amounts or factors for employees that fall within the same salary range but are in different labor groups.
  7. Salary Range/Factor - You can enter up to eight salary ranges and factors in this table. Costpoint uses these to calculate the insurance amount for each employee. If the employee's annual salary falls within the given range, the program multiplies it by the corresponding factor to get the insurance amount. If the employee's "salary times factor" amount is greater than the ceiling amount, the ceiling amount (company's maximum insurance amount) is used in the calculation.
    • Starting Salary - Enter the salary amount from which you wish to start this range. The salary ranges cannot overlap and must be filled sequentially.
    • Ending Salary - Enter the salary amount with which you wish to end this range. The salary amount in the previous row must be less than the Starting Salary in the current row.
    • Factor/Amount - If you selected the Factor option in the Calculation Method group box, enter the factor by which the employee's salary is multiplied. The result is the insurance amount on which the Excess Life Insurance calculation is based. You must establish a factor for each salary range. If you selected the Insurance Amount option in the Calculation Method group box, enter the actual insurance amount for each salary range. Because this is a one-to-one relationship, there is no need for a rounding amount.