Costpoint Online Help

Using the Help Search
Using the Help Search
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Benefits

Use Costpoint Benefits to establish controls for benefits plans, premium and coverage amounts, and benefit plan information that can be used when accessing the applications under the Employee Benefit Information menu in Costpoint Employee.

You can set up user-defined benefit types (in addition to the standard system benefit types), establish deduction codes for mass updating of package deductions, and set up items that specifically apply to your company's benefit plans, such as provider codes, coverage option codes, premium tables, and coverage tables. Once you have defined these components, you can pull them together into unique benefit plans and combine them into benefit packages for all employees, or for specific groups of employees. If enrollment in benefit plans is affected by qualifying events such as marriage, death, birth, and so on, you can set up codes for qualifying events, establish benefit plans in which enrollment is governed by qualifying events, and link employees to qualifying events. In addition, you can link dependents and beneficiaries to employees.

After you establish benefit plans and benefit packages and link employee qualifying events and employee dependents/beneficiaries, you are ready to set up employee benefit elections on the Manage Employee Benefit Elections screen in Costpoint Employee. After you do this, you can assign both beneficiaries and dependents to benefit plans. You can then run the Update Employee Package Deductions screen in Costpoint Payroll to automatically update your Payroll Deductions and Payroll Contributions (if selected) tables with benefits deductions/contributions information.

Use the Manage Dependent Care FSA Plan Year or Manage Medical Care FSA Plan Year screens to control processing for dependent care and medical care Flexible Spending Accounts (FSA). (You must first use the Configure Benefit Settings screen to indicate whether or not your company will be using Dependent Care and/or Medical Care FSA processing, and if so, whether or not reimbursements will be done through Costpoint Payroll.)  If reimbursements will be done using Costpoint Payroll, you must set up appropriate pay types and deduction codes to handle reimbursements and dependent/medical care deductions. You can use the Manage Dependent Care FSA Plan Year or Manage Medical Care FSA Plan Year screens to establish general flexible spending account information, such as the plan year, start and end dates for the plan, and the maximum annual amount an employee can elect to withhold for dependent and/or medical care.

After you enter the general flexible spending account information, you can link flexible spending accounts to specific employees, who in turn can request reimbursement. If reimbursement is done through Costpoint Payroll, the FSA History table automatically updates when the payroll journal is posted. If your company does not use Costpoint Payroll to reimburse, you must manually update the FSA History table.