Benefit Module Chapter 3 Flashcards
(112 cards)
1
Q
All Benefit Plans share several common fields and attributes. Name 5
A
Benefit Provider
Benefit Plan Type - Health Care, Insurance, Retirement Savings
Coverage Type - Medical, Dental
Benefit Plan Name
Description
External Plan Description - URL
Group Policy Number
Participating Benefit Group
Worker Plan Eligibility (optional for all benefit plans. All employees in a benefit group might not be eligible for the plan. This eligibility rule provides the ability to filter out employees as ineligible for a specific plan).
Earnings and Deductions (pre and post tax cost)
2
Q
There are three steps to setting up a benefit plan - Name them.
A
- Select the foundation component values that have already been created, such as provider and coverage type, Effective Date, Benefit Plan Type, Rate Type
- Select the common configuration options with the plan. Coverage Type, Benefit Plan Name, Benefit Group, Worker Plan Eligibility, Targets
- Set up and use the components that are unique to the benefit plan type. Individual Rates, Employee, Employer Cost, Provider ID, Classification
3
Q
Health Care Benefit Plans have several unique configurable options including ….
A
Flat rate structure or calculated rates
The ability to specify a healthcare classification, require a primary physician id number, and include dependent eligibility rules
4
Q
Benefit Plan - Flat or Calculated Rate - What is the difference?
A
As a healthcare plan is created the rate type needs to be selected. Flat rate- If a flat rate is entered, the rate information will be entered directly into the benefit plan page.
Calculated rate - Calculated rates are created separately using the ‘create health care rate’ task. Once it is created as a flat or calculated rate this cannot be changed on the plan.
5
Q
Benefit Plan - Dependent Plan Eligibility
A
Optional for healthcare and insurance plans only. Applies eligibility rules to dependents ; both child and adult dependents.
6
Q
Benefit Plan- Over-age Dependent Eligibility
A
Optional - Used in conjunction with the Fair Market Value per Dependent field. This allows you to set up the imputed income amount for dependents who are over-age in certain states but still qualify for coverage at a federal level.
7
Q
Benefit Plan - Requires Provider ID checkbox
A
Select this box if an employee is required to enter a primary care physician’s provider ID as part of the enrollment process.
8
Q
Auto Enroll checkbox
A
Select this checkbox to have eligible employees automatically enrolled in the benefit plan. On the enrollment pages, this election will default to Elect and will be ‘view only’. The enrollment cannot be changed.
9
Q
High Deductible Health Plan checkbox
A
Select this checkbox if the plan is considered a high deductible health plan with the option of enrolling in a Health Savings Plan
10
Q
Derive Coverage Targets checkbox
A
Select this checkbox if you wish to use derived coverage targets. It is not recommended to combine plans with and without derived targets in the same enrollment but it can be done.
11
Q
Benefit Plan - Use individual rate checkbox
A
Select this checkbox if employee or employer cost can be overridden using the ‘Manage Individual Rate’ task. This is not available with the calculated rate health care plan.
12
Q
Benefit Plan - Reset individual rates on Plan year begin
A
If individual rates need to be entered each year, instead of carrying forward, select this checkbox.
13
Q
Three configuration options for the US affordable care act are ….
A
ACA Plan Funding Method, ACA Minimum Value coverage, ACA Minimum Essential Coverage
14
Q
What does the dependent plan eligibility do?
A
It is used to establish dependent eligibility for health care and insurance benefit plans. It can be used for children and spouse. The fields available to use include age, full-time student, relationship or Workday ID.
15
Q
What is a spousal surcharge?
A
The idea of a spousal surcharge comes from the need to identify employees who wish to cover their spouse for healthcare coverage, even though their spouse can enroll in their own coverage. Due to this double coverage option, if the spouse enrolls there would be an additional charge, or surcharge. This is only available as a flat rate value.
There is a checkbox in the dependent’s personal information that asks if the person is or could be enrolled elsewhere. If the checkbox is enabled and a date entered, the surcharge will be added to the employee’s health care cost. ‘Create Benefit Surcharge’ task - Now has tobacco use (2021)
16
Q
Name the two types of Health Care rates.
A
- Flat 2. Calculated rates
When creating rates identify which healthcare coverage targets should be included.
17
Q
Describe a Flat Health care rate
A
They are included in the structure of the benefit plan setup
18
Q
Describe a Calculated rate
A
They are created outside the benefit plan and linked to the plan.
19
Q
Workday enables you to define three types of health care rates. Name them.
A
- Based on flat amount - includes the ability to add demographic factors such as an employee’s age, tobacco use, length of service, and salary to vary the rate.
- Rates based on percentage of Salary - Can be used with demographic and includes the option of defining a minimum and maximum cost and rounding rules.
- Rates based on a percent of salary with flat amount - All the same options of percentage of salary with the addition of an added flat amount.
20
Q
What does a rate band do?
A
These are used for healthcare rates and can include demographic factors such as age, salary, length of service as well as tobacco use.
21
Q
In terms of a health care rate explain config options for dependents
A
Use employee or dependent age as of - Beginning of Plan year coverage begin coverage begin or plan year begin event date specific date salary
22
Q
In terms of a health care rate explain config options for salary (salary source)
A
What compensation components will be used to define salary
Total base salary
Benefit Annualized rate or total base salary
Benefits annualized rate or compensation elements
Compensation elements
23
Q
In terms of a health care rate explain config options for salary (calculate as of)
A
Defines salary as of a certain point in time
Beginning of Plan Year
Coverage Begin
Coverage Begin or Plan Year Begin - Used for new hire or newly enrolled
Event Date
Specific Date
Length of Service in months
24
Q
Workday recommends creating a healthcare calculated rate over flat rates. Why?
A
This allows customers the flexibility to use a calculated rate in the future without requiring a new plan. Additionally healthcare calculated rates can be loaded using an EIB.
25
What are individual rates?
Rates for healthcare or insurance coverage are not always a calculation that can be configured in Workday. Some rates are established for individual employees and must be tracked.
When using individual rates you can either enter a default rate that can be overridden after enrollment or the rate can be left blank and entered later using the 'Maintain Individual Rates' Task
26
How would individual rates be set up?
When setting up a benefit plan, using the 'create benefit plan' task, there are two checkboxes that can be selected.
1. Use individual rates: Once in use individual rates cannot be disabled on the benefit plan.
2. Reset individual rates on plan year begin: Select the checkbox if a worker needs to have the individual rate determined each year. When they re-enroll, the system will set the rate back to zero. The 'manage individual rate' task is then used to repopulate the rate amount.
27
What is an HSA (Health Savings Account)?
It combines lower cost, high deductible health insurance plan with a tax favored savings account. It allows you to deposit money you save on premiums into your tax favored HSA and use these savings to pay your qualified healthcare expenses until you meet your deductible. Unlike flex spending accounts these roll over year after year and earn interest.
28
What are the steps to setting up an HSA?
1. Select an effective date, provider, benefit plan type
2. Select the coverage type, benefit plan name, Benefit group, Worker Plan Eligibility
3. Enter HSA Coverage targets, Max contribution, minimum contribution, employer contribution
29
Name some fields in a health savings account benefit plan type
```
1. Do not calculate remaining pay periods
2, Maximum contribution
3. Minimum contribution
4. Employer contribution
5. Frequency
```
30
Where would you go to enable additional HSA coverage targets if you had a third level employer contribution
Edit Tenant Setup HCM - checkbox for an additional HSA coverage target
31
What are the steps to setting up a Spending Account?
1. Select the provider, effective date, Benefit Plan Type
2. Select the coverage type, benefit plan name, benefit group, worker plan eligibility
3. Enter maximum contribution, minimum contribution, employer contribution and do not calculate remaining period (checkbox if required)
32
Spending Accounts - What does the do not calculate remaining pay periods do?
Leave the checkbox blank if you want to use the payroll period schedule to calculate the remaining pay periods during enrollment. The employees pay group frequency determines which period schedule is used.
Select the checkbox if you want the employee or administrator to manually enter the number of remaining pay periods during enrollment. If the event processed is an open enrollment, the system will look at the benefit group frequency to populate the number of pay periods. For all other events, the number of pay periods remaining filed will be left blank. The employee or an administrator would manually populate a value.
33
Spending accounts - maximum and minimum contribution - explain these two fields.
Maximum - This field limits the employee contribution amount to a maximum amount.
Minimum - This field limits the contribution to a minimum amount. This only applies to the employee contribution and does not include any employer contribution amount. An employee can elect coverage with a zero contribution amount as long as this field is left blank.
34
Spending accounts - Employer Contribution
The employer contribution amount uses the currency and frequency to determine how the contribution is made.
35
Spending accounts - Frequency and currency
This is used by the employee contribution field and is also related to the contribution maximum. It specifies what frequency the maximum is applied to. For example, a contribution maximum could be entered as a monthly max or an annual max. The contribution maximum applies to the sum of the employee contribution only.
36
Explain the retirement savings plans in Workday
Retirement savings plans, also known as defined contribution plans or deferred compensation plans, allow employees to set aside pre-tax as well as after - tax salary in an account to save or invest. When setting up a retirement saving plan, the first step is the same as most other types of benefits.
37
How is a retirement savings plan setup in Workday
1. Select the effective as of date, provider and benefit plan type.
2. Select the coverage type, benefit plan name, benefit group and worker plan eligibility
3. Enter - auto enroll, employee contribution % min and max, employee contribution amount min and max, employer contribution %, and employer contribution amount.
38
Retirement Savings Plan- Currency and Frequency
The currency and frequency calculate the employee contribution, and only apply to flam amount contribution limits
39
Retirement Savings Plan - Employee Contribution
The employee contribution can be entered as a maximum percentage, maximum amount or both. A minimum percentage can also be set.
If your benefit plan allows employee contribution to be a percentage or a flat amount, you must enter a contribution percentage maximum and a contribution amount maximum. The employee will have the option to enter either a percentage or a flat amount during enrollment.
The same rules apply to the min and max. Enter an amount as well as a percentage min and depending on the employee contribution selected, the appropriate minimum will be used. It is also possible to not enter an employee contribution and have only an employer contribution.
40
Retirement Savings Plan - Employer Contribution
In addition to the employee contribution there is an ability to create an employer contribution as either a percentage of an employee's salary or as a flat amount. The employer contribution can be passed to a payroll interface for integrations with third party payroll systems as well as workday payroll.
41
Retirement Savings Plan - Employer Match
Although there is no employer match within the set up of the retirement savings benefit plan, there is an ability to create an employer match within the Workday Payroll deduction that is associated with the plan. Note: A deduction can be set up to use the employee's deduction calculation to determine the employer's match amount. this is not available tor payroll interface.
42
Describe the process for retirement savings plans across multiple providers.
Retirement savings plans may need to allow an employee to allocate their contributions to more than one plan of the same coverage type, and can also be used for the employer contributions. By configuring 'Maintain Retirement Savings Allocation Across multiple providers' and the employee contribution and /or employer contributions section, the system will enable the allocation and trigger the use of a section on the retirement savings enrollment form during an enrollment event.
43
Maintain Retirement Savings Allocation Across Multiple providers - contribution restricted to whole numbers
Select this checkbox to define whether an employee's contribution must be entered in whole numbers and not decimals.
44
Maintain Retirement Savings Allocation Across Multiple providers - Employer contribution allocation rules (two options)
Employees can allocate only if they do not contribute to any plans. The employer allocation field on the enrollment page will be available to enter a value only if the employee is not contributing to any plan within the coverage type.
Employee can always allocate. The employer allocation field on the enrollment page is available to enter a value.
45
Maintain Retirement Savings Allocation Across Multiple providers - Priority and Employer contribution percent
Priority - defines the order that workday uses to default the employee's benefit plan in the enrollment form. The lower the number is the higher the priority.
Employer contribution percent - Enter an employer contribution if allocation percentages for a plan automatically populate in the employer contribution allocation field on the enrollment form.
46
What is the difference between health care and insurance plans in terms of rate setup?
Unlike healthcare plans, the insurance rate setup is separate for the benefit plan setup, which requires the related rate values to be created prior to setting up the insurance plan.
47
What are the steps to setting up an Insurance Plan?
1. Effective date, Provider, Benefit Plan Type
2. Coverage type, benefit plan name, Benefit group, Worker/dependent plan eligibility
3. auto enroll, individual rates, target, insurance coverage, insurance rate.
48
What are the three types of coverage levels you can create for insurance coverage?
1. Multiplied Based Coverage Levels
2. Percent-based coverage Levels
3. Amount Based Coverage Levels
49
Insurance Plans - What is Multiplier-Based Coverage Levels?
It is a multiple of the employee's salary. When you are configuring the insurance coverage for a plan you will specify how the salary should be defined, such as base pay, Benefit Annual Rate (BAR) or specific compensation elements.
50
Insurance Plans - What is Percent-Based Coverage Levels?
It specifies a percent of the employee's salary. When configuring the insurance coverage for a plan, you will specify how the salary should be defined, such as based pay, Benefit Annual Rate (BAR), or specific compensation elements.
51
What is Amount Based Coverage for Insurance Plans?
This could be one or more flat amounts of coverage.
52
Can all three types of coverage levels (multiplier, percent based or amount based) be used in one or more insurance plans?
Yes. Once the coverage levels are associated with an insurance plan you can select which levels you want to include in that plan.
53
Is coverage level a required field for insurance coverage?
Yes
54
What does the insurance coverage field do?
It provides the calculation details of an insurance rate. In workday you can combine the different levels of coverage.
55
Name three insurance coverage types
Increment of currency coverage
Multiples of Salary Coverage
Percentage of salary coverage
56
Explain Increment of Currency in terms of insurance coverage.
Use to define coverage options based on increments of amounts. For example $50,000, $100,000 (increments of $50,000)
57
Explain Multiples of salary Coverage for Insurance.
Used to define coverage option based on multiples of salary. 1x, 2x, 3x. When configuring the insurance coverage for a plan, you will specify how the salary should be defined, such as based pay, Benefit, annual rate, or specific compensation elements.
58
Explain Percentage of Salary Coverage for Insurance.
Used to define coverage options based on percentage of salary. For example, 60% of salary, 70% of salary, etc. When configuring the insurance coverage for a plan you will specify how the salary should be defined, such as base pay, Benefit Annual Rate (BAR) or specific compensation elements.
59
What does the salary maximum multiplier field do?
It is commonly used when coverage cannot exceed an amount equal to a multiple of the employee's salary. Salary minimum is less common.
60
When would you used the combine all jobs for salary source for insurance coverage?
You can check this box when using multiple jobs and the calculation needs to include the salary of each additional job.
61
When would you use the combine benefit jobs for salary source?
You would check this button when using multi jobs and the calculation needs to include the salary of each additional job that the Benefit Job Rules has been identified as a benefit job for the employee's benefit group.
62
Name the salary sources available when creating insurances.
1. Total Base Pay (default)
2. Benefits Annualized Rate or Total Base Pay - If there is no BAR entered for an employee enrolled in the plan, the system will use the Total Base Pay. Multiple Benefit Annualized Rates can be defined and associated to an employee.
3. Benefits Annualized Rage or Compensation Elements - If there is no BAR entered for an employee enrolled in the plan, the system will used the specified compensation elements.
4. Compensation Elements
63
To determine salary as of what date we use 'calculate as of options' Name them.
1. Beginning of the plan year
2. Coverage Begin
3. Coverage Begin or Plan Year Begin (used for new hires or newly eligible for the plan)
4. Coverage Begin or Specific Date (used for new hire or newly eligible for the plan)
5. Event date
6 Specific Date
64
If we create an insurance coverage as Multiples of Salary what fields would be required?
Benefit Multiplier Order (calculate then round)
Multiplier Based Coverage Levels Name (1x-3x salary)
Compensation Multipliers 1x, 2x, 3x
You can have more than one compensation multiplier. Fields like the min and max amounts and salary source will be applied to further define the salary used in the calculation.
65
Explain Rounding Rule Options for insurance.
1. Round Down - round amount to number and will round down to the nearest 1000, 100, 10 etc.
2. Round up - Used the round amount to number and will round up to the nearest 1000, 100, 10 etc.
3. Round up on Number - Make the round on number field available to populate
66
Benefit Multiplier Order - Provide the options in Workday
Multiply then round result
| Round amount then multiply
67
If the insurance coverage is created as percentage of salary what fields would be mandatory?
Percent Based Coverage Levels name (multiplier based coverage levels) and compensation percentages fields.
68
If you are using a percentage of salary and you select the 'allow coverage up to maximum' checkbox what happens?
This box will allow the employee's election to be capped at a maximum. Otherwise the system will not allow enrollment into a coverage option exceeding the limit. Example. If we had a plan that allowed 2x the salary amount with a maximum of 200,000 and an employee is paid $150,000 annually the employee will not be able to enroll in the plan if the checkbox is not turned on.
69
How do you define rates for insurances?
When creating insurance plans, you define rates separately from coverage levels and link them together to establish coverage costs.
70
What is the advantage to defining rates and coverage levels separately?
1. You can associate the same rate definition with multiple coverage definitions.
2. You can create a coverage definition and associate it with different rate tables to create various insurance plans.
71
What kind of rates can be defined in Workday?
1. Amount of Coverage .01 x $1000 of coverage
2. Amount of Salary .15 x $1000 of salary
3. Flat amount $2.50 per month
4. Flat amount per covered dependent $2.50 per month per dependent.
72
Within insurance rates, there are several rate bands. What kind of demographic information can be used?
Age, Salary, Length of service, gender, tobacco use.
73
How can you use age with insurance rates?
Age (as of what day)
1. Use employee or dependent age
2. Use age as of - Beginning of Plan Year, Coverage Begin, Coverage Begin or Plan Year Begin, Coverage Begin or Specific Date, Event Date, Specific date, Salary (definition of salary)
74
How can you use salary with insurance rates?
Salary Source: What compensation components will be used to define salary?
Total Base Salary
Compensation Elements
Benefit annualized rate or Total Base Salary
Benefit annualized rate or compensation elements
75
How can you use the calculate as of date with insurance rates?
Calculate as of: Defines the salary as of a certain point in time.
1. Beginning of Plan Year
2. Coverage Begin
3. Coverage Begin or Plan Year Begin
4. Coverage Begin or Specific Date
5. Event Date
6. Specific date
76
Where would a Benefit Annualized Rate be used in Workday?
Calculating a coverage cap using a multiple of salary or calculating a rate.
77
What are the steps to set up a Benefit Annualized Rate?
1. Set up the maintain benefit annual rate types and name them according to their usage.
2. Use the rate type when creating the insurance coverage or insurance rate.
3. Populate the BAR for the appropriate employees. (usually done through EIB)
78
What do you need to do prior to setting up a insurance plan?
Create coverage level, insurance coverage, and benefit rate. These need to be linked to the actual insurance plan. See flow chart in book on page 99.
79
Explain what age-based insurance coverage reductions do in Workday?
Workday allows you to configure insurance coverage reduction based on an employees age. Relative to employee rates, you have the option to use the full or reduced coverage amount, as well as the ability to configure the employer rates to use the full or reduced coverage amount.
The age is determined based on the configured 'Calculate As of Date'. Once that date is reached the system will automatically reduce the employee's coverage, and possibly rate accordingly. No benefit event is needed to trigger for the change in coverage to occur.
80
Spouse Life Age Based Reduction based on the employee's age
There is an option to apply age reduction on a Spouse Life Plan based on the employee's age. This functionality allows you to choose either the employee or spouse's age as a basis for age reduction.
81
What does the 'Do not round final (if age reduced)' checkbox do?
This checkbox indicates whether the age reduced value should be rounded. By selecting the Do not Round Final checkbox on the insurance coverage page, the age reduced value will not be rounded.
82
What is the purpose of the Additional Benefit Setup?
An additional benefit plan is a non-traditional benefit that does not exactly fit into one of the previous categories of coverage. ie. Gym membership, pet insurance. This is where unique benefit can be defined.
83
What is a common use for the Additional Benefit plan?
Long Term Care insurance, which would use individual rate functionality to enter a rate at the employee level.
84
What steps are required to set up an Additional Benefit Plan?
1. Select the effective as of date, provider, Benefit Plan Type.
2. Select coverage type, benefit plan name, benefit group, Worker Plan Eligibility
3. Enter autoenroll, individual rates, targets (optional), Flat rates, amount range, or % range.
85
What report would you use to create a comprehensive list of all targets needed by the additional benefit plans?
'Maintain additional benefits coverage targets'. Values from this list can be selected when creating the benefit plan if the 'use coverage target' checkbox is selected on the 'Maintain Benefit Coverage type report'.
86
What do you need to do before creating an additional benefit plan?
You must create provider, add the benefit coverage type, and then build the additional coverage targets. Then you are ready to create the plan.
87
How can percentage or amount be used with additional benefit plans?
This can be used for example, United way. Minimum and maximum parameters can be defined, which will be enforced during enrollment.
If a percentage range is allowed based on the coverage type configuration, the plan costs section will include percentage min and max fields.
If amount range is allowed, based on the benefit coverage type configuration, the plan costs section will include min and max fields.
88
Describe using individual rates for additional benefit plans.
This could be used if there is no defined rate, or with a default rate than can be overridden at the employee level. An employee elects coverage, and then the rate is determined and entered into the system using the 'Maintain Individual Rate' task.
89
How many columns of information does the 'Maintain Individual rate' task have? What about the email notification checkbox ... What does it do?
14
Scroll to the right and select the email notification checkbox. This allows you to individually select employees to send emails as needed.
90
Are calculated rates available for additional benefits?
NO
91
Can you enroll dependents or designate beneficiaries for additional benefit plans?
NO
92
What would you do if individual rates need to be determined and reentered into Workday each year?
You would turn on the Reset Individual Rate and Plan Year Begin so that at the end of the Plan Year, the system will reset the rate to zero. When selecting the use individual rates checkbox, a warning message will display.
If you use individual rates and a benefit administrator changes the rate mid-year, the new rates will not be carried forward to employees currently enrolled in the benefit. The new rates will only be reflected in new enrollment events.
93
True or False - You can edit a benefit plan to change the provider, but this should only be done in coordination with the end of your plan year.
False
94
What is not a type of Benefit Plan?
a. Medical
b. Insurance
c. Spending Account
d. Additional benefit
e. Health savings account
Medical
95
What plans can have targets defined?
a. health care
b. insurance coverage
c. additional benefit coverage
d. all of the above
e. none of the above
D all of the above
96
What is a true statement regarding the benefit plan name field on a benefit plan?
a. The field overrides the auto-generated plan name with the name you enter
b. It is a required field used to ensure the plan has the correct name.
c. The field is being depreciated and should not be used by new customers
d. The text entered in this field is added to the system generated plan name.
D. The text entered in this field is added to the system generated plan name.
97
True or False: The deduction and earnings field on the benefit plan is only populated when using workday payroll.
False
98
```
In what order should you create the following insurance components to configure an insurance benefit plan?
a Create insurance rate
b. Coverage Levels
c Create Insurance Coverage
d. Create benefit plan
e. Maintain insurance Coverage targets
f. provider
g Maintain Benefit coverage types
```
f. Provider
e. insurance coverage targets
g. benefit coverage types
b. coverage levels
c insurance coverage
a insurance rate
d benefit plan
99
Explain the role of Workday Payroll and benefit deductions.
There is an additional step if using Workday Payroll -when setting up the deduction to define how and when the deduction is taken and then mapping the deduction to the benefit plan.
100
Deductions and earnings include both effective dated and non-effective dated details - True or False
True
101
When creating a deduction, there are three effective dated sections that need to be addressed. Name the three.
1. Criteria, calculation details, and limits.
| Not all the fields in the selection need to be used. Example: Limits might only apply to retirement savings.
102
CRITERIA (deductions) There are Workday- delivered eligibility rules in the Worker Eligibility section that are selected depending on whether the deduction calculates employee pre-tax, employee post-tax, or employer non-taxable contributions.
Name the criteria section options for processing.
1. Run category eligibility - This decides when the deduction should be taken. For example a medical deduction is taken during a regular pay run, but not a bonus pay run.
2. Pay Group eligibility -The deduction will only apply to workers in the listed pay groups.
3. Worker eligibility - Specify worker eligibility criteria by using a workday owned calculation or by creating one.
4. Scheduling - You can control when a pay component is resolved. For example, if a worker is paid weekly, I can schedule the deduction to resolve only on the first pay period of the month.
103
CALCULATION DETAILS (deductions) Select Workday-delivered calculations on the calculation field depending on whether the deduction calculates employee pre-tax, employee post-tax, or employer non taxable contributions. Name the calculations available.
1. Calculation - Workday provides many common benefit related payroll calculations.
2. Input amount allowed? - This allows you to enter the amount through payroll input when the amount does not come from a benefit plan.
3. Override frequency - This enables you to select a frequency that differs for the payroll frequency
4. Calculation proration - This determines what proration the deduction is based on: Days worked or calendar days.
5. Retro calculation - This is used for deductions only. This deduction recalculates in response to retro changes if the checkbox is turned on.
104
LIMITS - Explain this in terms of deductions and benefits
Benefit Plans, such as retirement savings and flexible spending accounts, has limits as to how much an employee can contribute. In addition to maximums set up on the plan, limits are set up on the deduction. This is the true enforcer of a maximum.
105
Name and describe three types of deduction limits
Value - A calculation, either Workday delivered or customer created, that sums the contributions made or may reflect government defined employee contributions.
Balance Period - This defines the period in which the maximum amount is applied; for example, current calendar year.
Based on - The pay accumulation that is linked to this limit. Defines what deductions are included; for example, the sum of employees contributions for 401k and 401R, plus any employer match.
106
How are benefits linked to deductions?
Select the benefit plan the deduction should be linked to. If the benefit plan has not been created when the deduction is created, there is a deduction field on the benefit plan that can be used to link them together.
107
What does the coverage/cost as of payment date field do?
It is used by Workday Payroll to determine if a deduction should be taken, and rates applied, based on the period end date or payment date.
108
Are calculated rates allowed on additional benefits?
NO
109
What needs to be done after a deduction is created?
It needs to be added to the segment-based security group created for benefit deductions and earnings. This allows the benefit partners and benefit administrators to see these components and not others.
110
What does the maintain deduction priorities report do?
Once benefit deductions are set up, they must be prioritized in the order they should be taken. The report is set up by the payroll group.
111
Where are deductions and earnings configured?
Workday Payroll
112
Does payroll or benefits pass the actual amounts with the associated codes to Workday Payroll for Processing?
Workday Benefits
