It’s important to update your plan members’ salaries
Death benefit payments and short- and long-term disability benefit payments are typically based on plan members’ salaries. Therefore, it is vital to inform us of your plan members’ new salaries as soon as there is a change, otherwise, the unreported salary increases may result in benefit payments that are lower than they should be.
As plan administrator, you are responsible for providing us with salaries per the definition of “salary” stipulated in your contract and to maintain accurate and current information for all of your plan members insured with iA Financial Group (Industrial Alliance Insurance and Financial Services Inc.).
If you can process transactions in My Client Space, you can update the plan member’s salary directly in his or her file by following the steps below:
- Perform a member search and access the plan member’s file
- In the left-hand menu, under Update Member Information, click on Edit Salary
- Update the salary amount and salary basis, enter the effective date, and click on Ok
You can also complete the Notice of Change form (F54-020A) and send it to us within 31 days of the salary change. This form is posted on our Web site, in the Administration – Forms and Return Envelopes section at ia.ca/business/forms.
Please be aware that if you fail to update your plan members’ salaries, premium payments will not be accurate and could lead to potential liabilities for the employer.
If you have any questions, please contact your advisor or your iA Financial Group Account Executive.