Manage Deduction Reference for Voluntary Deductions
Deduction Reference maintains voluntary deduction balances for each reference number provided.
The deduction reference is a mandatory input value that gets created under specific conditions for voluntary deductions element. This number must be entered to maintain the balances.
When an employee is enrolled into a benefits plan, an element entry is created. When there is a subsequent life event and enrollments, it end-dates the previous element entry and creates a new entry. If you want to use voluntary deductions with plan name as the deduction reference, you need to write a fast formula of type Extra Input to pass the plan name to the deduction reference input value. Then, you need to attach this fast formula to your plan. By using this fast formula, the balances will be re-initiated.