Header Ads

  • Recent Post

    Naming convention followed by PeopleSoft for Coverage Formula ID

    When I started working on PeopleSoft upgrade from HRMS8.9 to 9.1, my learning curve with Benefits module was steep as I had no prior knowledge on any of the Benefits modules. While identifying the functional differences between 8.9 and 9.1, found that, Base Benefits module uses Coverage Formulas in a much different fashion than how it is done in 8.9.

    The navigation for Coverage Formula in HRMS9.1 is under: Set Up HRMS > Product Related > Base Benefits > Rates and Rules > Coverage Formula Table. This data gets saved in the field BN_FORMULA_ID in the table BN_FORMULA.

    After data conversion, saw a lot of coverage formulas generated in 9.1. Down the line, working in Benefits modules, I could understand some of the aspects on how a coverage formula is generated by PeopleSoft upgrade scripts from benefit rates. Digging deeper, below is what I found on how the naming convention for Coverage Formula is applied by PeopleSoft.



    Let us take a simple Coverage Formula ID for explanation purpose - 02CS250KPA
    • 02 represents that this Life coverage formula uses a salary factor of 2X. The first two digits of a coverage formula stand for Salary factor rounded to an integer for Life and DS for Disability.
    • C represents the Benefit Base used. Here, C stands for Job Compensation Rate. Benefit Base code occupies the third position of a Coverage formula and can hold either of these two values - 'C' denoting the Job Compensation Rate and 'A' denoting the Annual Benefits Base Rate.
    • S indicates that the Benefit Base is for a Single Job. The fourth character in a coverage formula indicates whether the Benefit Base is either for a Single Job('S') or combines across multiple jobs('M').
    • 250K represents a amount of 250K. Positions 5, 6, 7 and 8 of a coverage formula denotes the flat amount for Life, if any, to be added to the coverage calculation, or the Maximum Monthly Benefit for Disability. Sample values are like 250K, 020K, 2.5M etc.
    • P represents the Coverage Base As-Of date rule in this case representing Pay End Date. The penultimate position(ninth) position indicates what date has to be considered for Coverage Base-As-Of Date rule. It can be either one of: C - Check Date, L - Last Year on MM/DD, T - This Year on MM/DD, P - Pay End Date
    • A indicates a way to identify identical formulas in this case representing that this is the first such formula. This holds the last position in a coverage formula and can take any alphabet between A to Z.
    I could not find out how the rounding rules are applied in the name of a coverage formula. After an hour long analysis, I believe rounding rules are not represented. I wish I am wrong, please correct me if I am.

    No comments

    Please refrain for marketing messages and unnecessary back links.

    Post Top Ad

    Post Bottom Ad