Setting Disability Insurance Rates by Salary

To set the premium rates for a short- or long-term disability group benefit plan by salary, use the Premium Rates form.

Disability insurance rates by salary are shown when the LTD/STD Rate Tables banded by Salary option is selected in the Other Processing Parameters panel.

The rates you enter in the premium rate table relate to the Cost Basis field in the Group Benefit Plans form. For example, if the cost basis is Monthly, the rates represent monthly premium costs.

To set disability insurance rates based on salary:

Open the Premium Rates form.

Use this option	To define this
Benefit Plan ID	The Benefit Plan ID. It is populated from the Group Benefit Plan form.
Rate Group	The rate group to which the premium rates apply.
Plan Type	A list of plan types defined for the group benefit plan.
Employee Gender	The employee's gender (Male, Female). This option is available only when Gender Banded Rates is selected in the Other Processing Parameters panel in Group Benefit Plans.
Spouse Gender	The employee spouse's gender (Male, Female). This option is available only when Spouse Gender Banded Rates is selected in the Other Processing Parameters panel in Group Benefit Plans.
Effective Date	The date when the rate goes into effect. Saving rates according to the effective date enables you to view previous rates for reference purposes. The system calculates premium costs using the premium rates with the most recent effective date. For short- or long-term disability benefit plans, the effective dates indicate whether the rate is set to standard or extended precision. If you selected the LTD/STD Use Extended Precision Rates option in the main form, you can only choose an effective date with extended precision, otherwise you can only select a date with standard precision.
From Annual Salary To Annual Salary	The amount for the line. The first From Annual Salary value must be zero. Each subsequent value is one cent greater than the To Annual Salary in the previous band.
Premium	The premium amount for employees in this salary band.

Click Save. The form clears so that you can enter the premiums for another plan type.

Repeat these steps for each plan type.

Click Close when you are finished.