The functionality exists for you to add Fringe Benefits that will display via the Total Compensation statement.
Examples of Fringe benefits that clients have used in the past range from Vacation accruals to Holiday pay, to Accident Benefits. It is the responsibility of the client/broker to update each employee record with the employee/employer cost for each Fringe benefit added to the system. This is a manual process and Fringe benefits are not currently supported by our Import tool. You would also want to keep in mind that the system does not auto calculate the accruals; as a result, it is the responsibility of the client/broker to update the cost totals.
Most clients that use this feature will update them Quarterly and only turn on the Total Compensation statement to employees quarterly. Please see below screen shot as an example of some of the fields being captured as Fringe Benefits and to obtain a visual of how it is displayed on the total compensation statement.
To add Fringe Benefits, you first need to add the Fringe Benefit for the company. To do this, follow this path: Company Benefits tab > under Advanced, select Fringe Benefits > Add.
To configure the Fringe Benefit, add the following information:
- Compensation: These items will be added to the first section on the statement called Your Cash Compensation. Employee salary is pulled directly from the employee compensation and does not need to be added again as a fringe benefit. An example of this may be bonus.
- Time Off: These items allow reporting of time off benefits such as vacation, sick, holiday, or PTO. If these items are already included in the employee annual compensation value, it can be categorized as “For Reporting Only.”
- Other: Most flexible category used for all additional employee benefits, such as 401k Contributions, Professional Expenses, Educational Reimbursement, etc. Based on the type of benefit, use the below flags to adjust how items affect tax calculations.
- Insurance Benefits and Cafeteria Plans: Please note: These categories are EXCLUDED from the total compensation statement. The idea is that the all employees have the insurance benefits already loaded as enrollments and excluding these items prevents duplicates. We will likely be removing these categories.
- Taxable Income: checking this option includes value in Social Security and Medicare cost calculation
- Pre-Tax Deduction: checking this option excludes value in Social Security and Medicare cost calculation
- For reporting only: checking this option itemizes values separately in the “Benefits Included In Cash Compensation” Section at the bottom of the statement
- Start Date
- End Date
- Don't forget to mark as Active
Once Fringe Benefits have been added for the company, you will see a link to Manage Fringe Benefits on the Employee Management page under Actions. From here you will be able to add, edit or delete fringe benefits which include EE cost and ER cost for each employee. Adding Fringe Benefits to an employee record is processed manually for each employee and this data cannot be imported.
Can fringe benefits be imported?
No, fringe benefits must be manually added for each ee via their Employee Management tab> Manage Fringe Benefits (right side under Actions section).