CENTRAL SUSQUEHANNA INTERMEDIATE UNIT Application: Personnel
Step By Step Instructions for:
How to Set Up the Fringe Benefits Directory
Table of Contents
INSURANCE INFORMATION ...4
Projected Insurance Rates ...4
Employer Insurance Information ...4
Projected Payroll Benefits ...5
Employer Payroll Information...5
SET UP PROCESS ...6
CALCULATE LIFE INSURANCE PERCENT...7
Coverage Based on Salary ...7
This Step-by-Step Guide will review how to set up the Fringe Benefits directory to provide benefit information with the transfer of salary information to the Budget Prep module in Fund Accounting.
In this Step-by-Step instruction you will learn:
What information is used to create insurance amounts for budgeting
Where projected amounts are entered
How employee payroll benefits are calculated
INSURANCE INFORMATION Projected Insurance Rates
Projected insurance rates are calculated when a Fringe Code is created. The current monthly rate
information is selected from the INSURANCE PARAMETERS DIRECTORY to calculate an annual amount.
The calculation multiplies the monthly amount by 12. With the annual amount calculated based on the current rate, projections for the coming year are easy to update. For example, If rates are to increase by 5% based on the current costs, multiply the annual amount that was calculated by 1.05%. Updating the Annual Amount will allow you to budget with a 5% increase.
Employer Insurance Information
Insurance information stored in the INS > EMPLOYEE INSURANCE INFORMATION screen is used to identify employees’ Plan and Type of coverage for the budgeting process.
The annual amount found in the FRINGE BENEFITS DIRECTORY is used to determine the cost of insurances for employees who are: