Total Pageviews

August 13, 2019

8/13/2019 02:06:00 PM
Accrual Plan Term Types: Critical Choices
When you create an accrual plan, you must select one of the following term types to define an accrual term during which workers accrue leave:

Calendar year

Anniversary year

Calendar Year
The accrual term starts on the month, day, and year that you select. The term restarts next year on the same day.

Example: If you select January 1, 2015, the accrual term starts on that day and restarts on January 1, 2016.

Anniversary Year
The accrual term starts on the hire date and restarts on each anniversary.

Example: If the enrolled worker's hire date is May 1, 2015, the accrual term starts on this date and restarts on May 1, 2016.

Entering a continuous service date when enrolling in the accrual plan doesn't affect the start date. The continuous service date affects the length-of-service calculations while processing a waiting period, vesting period, or plan limits defined in an accrual band matrix. However, it doesn't affect the accrual term.
Related Posts Plugin for WordPress, Blogger...