New Employee Central Global Benefits pattern to support U.S. Savings Plans: Highlights from the SAP SuccessFactors Q3 2018 release
I’m excited to announce that as part of the SAP SuccessFactors Q3 2018 release, we’ve enhanced our Employee Central Global Benefits capabilities with expanded support for U.S. benefits administration.
New “savings” benefits pattern
A new top-level benefits pattern is now available to support U.S. Section 125 Cafeteria style savings plans including Health Savings Accounts (HSA), Flexible Spending Accounts (FSA), Limited Flexible Spending Accounts (LFSA), and Dependent Care Reimbursement Accounts (DCRA).
Image: Admin UI to configure U.S. Section 125 Cafeteria style savings plan types
For example, the savings plan template can be configured to support HSA plans, allowing for configuration of employer contributions and catch-up contributions, coverage tier levels, and annual and per pay-period minimum and maximum amounts, as well as the ability to designate beneficiaries.
Image: Configuration of savings plan template for HSA plan
Cafeteria style plans are popular among employers in the U.S. as they allow employees to choose among a variety of offerings to create a benefits package that best meets their needs and those of their family.
These reimbursement plans are governed by IRS Section 125 which allows employees to contribute a certain amount of their gross income to a designated account or accounts before taxes are calculated.
Employees and new hires will have the option to enroll in these savings plans as part of open enrollment.
Image: Open enrollment homepage including HSA and FSA plans
Image: Employee screen for enrollment in HSA plan
Benefit Dependency Rules
Another Employee Central Global Benefits highlight from the Q3 2018 release is enhanced benefit dependency rules functionality. Benefits administrators may now set conditions for enrolling in benefit plans from a new benefit dependency page. From this page, the relationship between leading and dependent benefits may be set by legal entity and timeframe. If an employee has not enrolled in the lead benefit, then a warning message will appear to notify the employee that enrolling in benefit is not allowed. For example, an employee can enroll in a health savings account (HSA) only after he/she has enrolled in a high-deductible health insurance plan (HDHP). Benefits administrators will enjoy simplified administration of U.S. Benefits, and employees will get an improved enrollment experience.
Image: Admin tools to manage benefit dependencies
Check out other new features across our HCM suite
Learn about other new features and enhancements across the full SAP SuccessFactors HCM Suite by reading our Q3 2018 Release Highlights document and Q3 release highlights blog.
Did you know SAP SuccessFactors has been named a Leader in the 2018 IDC MarketScape Assessments for Integrated Talent Management, Performance, Learning and Compensation? To access the reports, click here. And to learn more about the exciting innovations coming to the SAP SuccessFactors HCM Suite, join us at SuccessConnect in Las Vegas taking place September 11-13 at the ARIA Resort & Casino.