Navigation: Benefits>>Beneficiaries
Beneficiaries
A beneficiary is the person or entity that you legally designate to receive the benefits from your financial products. For life insurance coverage, that is the death benefit your policy will pay if you die. For retirement or investment accounts, that is the balance of your assets in those accounts.
Although the Benefits module is embedded in the POWERpay module, there are additional screens that distinguishes the difference between the two modules. One such function is the ability to record beneficiaries to a plan.
Enter Beneficiary for Employee
- First we enter the details of the Beneficiary. Here we enter the:
Click on New Record
Ben Id - a user defined code used to identify the beneficiary. Each beneficiary must have their own ID. The application will indicate the last ID used in this screen.
Beneficiary - enter the beneficiary's full name
Enter the Address details in the Ben Address Line 1, Ben Address Line 2 and Ben Address Line 2 fields
Relationship - enter the relationship this beneficiary to the employee (Son, Spouse, Daughter, etc
Save the record and repeat the process to add as many beneficiaries as required.
Please note this is for record keeping purposes ONLY!
Enter Registered Beneficiary for Employee
Next we link the beneficiary to the plan in the Registered Beneficiaries tab. Here you:
Click on a New Record
Beneficiary ID: The employee's beneficiary must be listed in the Beneficiary tab in order to be available for selection as a Registered Beneficiary
Plan ID - Select the name of the plan the beneficiary will be linked to
Plan Type Code (this is be based on the Plan ID selected above)
Health Plan - will be flagged NO if the plan selected above is Not a health plan
Effective Date - the date from which this beneficiary has been registered with the insurance provider as a beneficiary
Percentage % - The percentage of the policy payout (in the event of death) that the beneficiary is entitled to from the total value of the plan. For example if this is the sole beneficiary then they will receive 100% of the value of the plan.
Note that an employee may have multiple registered beneficiaries for a plan.
Save the record and repeat the process to add additional beneficiaries to the plan if required.