Contents of the Manage Premiums By Salary Screen

Use the fields and options to configure the Manage Premiums By Salary screen.

Identification

Field Description
Rate Table Code

Enter a unique code to dentify this rate table.

Description

Enter a description for this rate table code.

Premium Amounts by Salary

Field Description
From Salary

After you select the button on the toolbar, enter the salary amount at which to start the range. You can enter an amount as large as $999,999,999,999.00. In the first row, this field must be 0.  Subsequent rows must equal the previous row's To Salary + .01. For example, for the salary range 0.00 - 14,999.99, you enter 0.00 in this field on the first row. In the second row, this field will be 15000.00.

To Salary

Enter the salary amount at which the range ends. This value must be equal to or greater than the value in the From Salary field. For example, for the salary range 0.00 - 14,999.99, you enter 14999.99.

Total Cost per Month

Enter the amount of the monthly premium for this salary bracket. You can enter a number as large as $999,999,999,999.00.

Example of Table Setup

If your company offers life insurance at different premiums, based on the salaries of the employees, you could set up a table similar to the one below:

SalaryRanges Total Cost Per Month
0.00 - 14999.99 $ 100.00
15000.00 - 29999.99 $ 150.00
30000.00 - 39999.99 $ 200.00
40000.00 - 49999.99 $ 250.00
50000.00 - 99999.99 $ 300.00

According to this table, employees who earn up to $14,999.99 per year pay $100.00 per month for life insurance coverage. Employees who earn between $15,000.00 and $29,999.99 pay $150.00 per month, and so on. Annual salary calculations are controlled by the option selected in the Salary Calculation Method group box in the Coverage Options subtask of the Manage Benefit Plans screen.