Update a Salary-Based Enrollment Due to a Salary Change

If an employee’s salary changes, you’ll always need to go into Maxwell to update the employee’s annual salary field. But, there is another step if the employee is enrolled in a product with coverage amounts and costs that depend on the employee’s salary (also known as a salary-based product—see examples below). This additional step is also required if you have processed a salary-based product to reflect correct payroll deductions. In this article, you’ll learn how to update the salary-based product so that the new coverage amounts and costs are correct in Maxwell.
 
Examples of salary-based products:
  • A basic life product with an issued amount based on X times the employee’s salary
  • A disability product in which an employee will receive a certain percentage of their salary in the event they become unable to work

Follow the steps below to update an employee’s salary and any salary-based products:

    • Update the employee’s salary in their Employee Profile following the same process you would to update any employee information. If you want the salary change to be recorded as a the change reason, select the "Change of Compensation" in the drop-down.

      Salary1.png

    • After updating the "Annual Salary" field and saving the changes, go to the employee’s "Eligible Products" tab. Change the "Shopping Status" of the salary-based product to “Confirmed," the "Intent" to "Enroll," and check that the "Effective Date" is the day the new salary is effective. Click Process Elections.

      Salary2.gif

      • Repeat step two for any other salary-based products.

      • You’re done! See the employee’s new cost for the salary-based product under their "Enrolled Products" tab.

        Salary3.png

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