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:
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- 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.
- 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.
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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.
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Repeat step two for any other salary-based products.
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You’re done! See the employee’s new cost for the salary-based product under their "Enrolled Products" tab.
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