Costpoint Online Help

Using the Help Search
Using the Help Search
  • Phrase:Returns all topics that contain the exact phrase in the search criteria. Use quotation marks around the phrase.
    Ex."system administration"
  • And:Returns all topics that contain all the words in the search criteria, in any combination. Insert a plus sign between all words in the search criteria.
    Ex.system + administration
  • Or:Returns all topics with any combination of words in the search criteria. This is the default.
    Ex.system administration
For more information:Searching Online Help

Process Detail

Employee selection is based on the following conditions:

  • The pay cycle an employee is assigned to must match the pay cycle you enter on this screen.
  • The employee must have benefit elections in effect as of the pay period end date. Benefit elections are determined on the Manage Employee Benefit Elections screen.
  • Employees are excluded if a Coverage Option of NO CVG has been entered for them on the Manage Employee Benefit Elections screen.

    Deduction amounts are calculated as follows:

  • Costpoint determines the deduction code by associating the Deduction code on the Coverage Options subtask of the Manage Benefit Plans screen with the employee's Coverage Option on the Manage Employee Benefit Elections screen.
  • If you selected the Amount option in the Premium Calculation Method drop-down list on the Coverage Options subtask of the Manage Benefit Plans screen, the employee premium is the Employee Amount that is associated with the Coverage Option. The employer's portion of the premium equals the Company Amount.
  • If you selected the Cost Per $1000 option in the Premium Calculation Method drop-down list on the Coverage Options subtask of the Manage Benefit Plans screen in Costpoint Benefits, the employee premium equals the Coverage Amount multiplied by the Employee Amount. This step involves determining how coverages are calculated:
  • If you selected the Amount option in the Coverage Calculation Method drop-down list on the Coverage Options subtask of the Manage Benefit Plans screen, the program uses the Coverage Amount associated with the employee's Coverage Option.
  • If you selected the Factor option in the Coverage Calculation Method drop-down list on the Coverage Options subtask of the Manage Benefit Plans screen, the program determines the coverage by multiplying the Coverage Amount by the employee's annual salary. The salary calculation method is defined on the Coverage Detail subtask of the Manage Benefit Plans screen. The rounding rules used are those specified in Coverage Detail subtask.
  • If you selected the Coverage Table option in the Coverage Calculation Method drop-down list on the Coverage Options subtask of the Manage Benefit Plans screen, Costpoint must first determine whether the Coverage Table is by Age or Salary. Then it finds the coverage table that is associated with the employee's Coverage Option. The Coverage Amount can then be calculated from the Coverage Amounts by Age table or the Coverage Amounts by Salary table, whichever is applicable.
  • The program then multiplies this premium by the Employee Percent in the table window to get the employee premium amount. Multiply the premium amount by the Company Percent to get the employer's portion.

    If you selected the Rate Table option in the Premium Calculation Method drop-down list on the Coverage Options subtask of the Manage Benefit Plans screen, the application first determines whether it is an Age or Salary table. Then it finds the Rate Table code that is associated with the employee's Coverage Option. The application calculates the premium using Premium Rates by Age or Premium Amounts by Salary, whichever is applicable. The program then multiplies this amount by the Employee Percent in the table window to come up with the employee's premium. Multiply the premium amount by the Company Percent to get the employer's portion.

Note: Dependents may have coverage options that increase the premium amount for the employee.

The above steps calculate a monthly premium. If the pay period is:

  • Weekly: Deduction amount = (monthly premium X 12)/52 (or /48, depending on the rule that was set for the deduction calculation method for weekly pay periods on the Configure Benefit Settings screen).
  • Biweekly: Deduction amount = (monthly premium X 12)/26 (or /24 depending on the rule that was set for the deduction calculation method for biweekly pay periods on the Configure Benefit Settings screen).
  • Semi-monthly: Deduction amount = (monthly premium X 12)/24
  • Monthly: Deduction amount = monthly premium

These calculations are also done with the employer premium to get the contribution amount.

Deductions/contributions are rounded to the nearest penny.

Update Process

If the employee has a deduction set up on the Manage Employee Deductions screen (and the Manage Employee Contributions screen, if selected) in Costpoint Employee with the same deduction code as one calculated in this process, the existing row is deleted.

The new deduction is inserted onto the Manage Employee Deductions screen (and the Manage Employee Contributions screen, if selected).