Benefits Features and Functions
Benefits functionality is used to administer a diverse range of benefit plans. Such plans typically cover accidental death and dismemberment (AD&D), disability, life, medical, retirement plans, flexible benefits, and profit sharing plans.
|
Standard Benefits
Standard benefits include health and dental insurance, life insurance, accidental death and dismemberment (AD&D), and oftentimes retirement plans.
|
Profile for Employee Benefit Plan
The profile for employee benefit plan includes information that is pertinent to an employees' benefits including (date of birth/age, smoker/non-smoker, marital status, dependants, salary, etc.) When/if any one of these details changes, it may affect the current benefits that the employee receives (e.g., life insurance amount).
|
Administering Benefits
Benefits are generally handled by a third-party insurance firm (e.g., Cobra). The benefits administration functionality provides administrators the ability to manage employee benefits through the use of a third-parties' software or system. Benefits administration includes accessing and imputing new employee records, changing an existing employees' record, as well as cancelling a terminated employees' benefit profile.
|
|
Human Resources Features and Functions
|