Anniversary Year Plan Enhancement

You can now configure absence plans with anniversary year plan term and monthly incremental periods to post accruals on the anniversary date each month. Previously, the application used to post accruals either on the first of each month or on the last day of the month. With the new enhancement, the monthly period starts on the hire date and ends on a day before the hire date of the next month.

To configure the absence plan to post accruals on the anniversary date each month, you need to select the Monthly Anniversary Date option in the Balance Frequency Source field of the absence plan setup page.

Balance Frequency Source field in the absence plan setup page

Configure absence plans with anniversary year plan term and monthly incremental periods to post accruals on the anniversary date each month.

Steps to Enable

You don't need to do anything to enable this feature.

Tips And Considerations

• If a worker is hired on 29 February, then the application considers the hire date to be 28 February for non-leap years.
• When you select Monthly Anniversary Date option in the Balance Frequency Source field, the value in the Accrue on field is automatically set to Start of repeating period. Similarly, the Accrual method field is automatically set to Incremental.
• If a worker's anniversary date (hire date, rehire date, adjusted service date, or formula derived anniversary date) is adjusted after a worker is enrolled in a plan with a Balance Frequency Source of Monthly Anniversary Date, then the accrual process will error when trying to post an accrual for the enrollment.  To correct the error, the administrator needs to perform the following steps:
  • Delete any accrual data for the enrollment.
  • Delete or end date the enrollment.
  • Create a new enrollment.
  • Run accruals for new enrollment.