Benefit Accruals
Calculating benefit accruals generally requires a considerable amount of effort.
Most payroll systems don’t even try to calculate accruals, and the ones that do
attempt it don’t do a good job of it. Millennium’s built-in benefit calculator can
be configured by a Pinnacle support person and used automatically. With the Millennium
benefit calculator, an accrual balance report is made available with each payroll, and
accrual processing becomes an automated process requiring little intervention.
The accrual engine within Millennium provides the following advanced features
- Defining start, end and adjusted length of service dates
- Define a benefit to accrue hours or dollars, on a flexible processing frequency
- Full override capability, including hours, dollars and rate of accrual
- Track total benefit hours/dollars accrued and total benefit hours/dollars taken
- Track available accrual balance (updated with each payroll as needed)
