It’s important to update your plan members’ salaries
Life insurance and short- and long-term disability benefit payments are usually based on plan members’ salaries. Whenever there is a change in your members’ salaries, it’s essential that you inform us. If you don’t, unreported salary increases may result in benefit payments that are lower than they should be.
As a group insurance plan administrator, you are responsible for providing us with salaries based on the definition of “salary” set out in the contract, and for maintaining accurate and up-to-date information for all your members insured with iA Financial Group.
If you have access to perform transactions in My Client Space, you can:
Update several members’ salaries:
Follow these steps when member salary changes take effect on the same date.
- From the left-hand menu, under Administrative Functions, click on the drop-down menu and select Mass Salary Change.
- Follow the steps.
Update one member’s salary at a time:
- Perform a member search and access the member’s file.
- From the left-hand menu, under Update Member Information, click on Edit Salary.
- Enter the information for the new salary.
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 available on our website at ia.ca/business/forms, in the Administration – Forms and Return Envelopes section.
Important: If you fail to update salaries and, as a result, the benefits paid are not based on members’ actual salaries, the employer could be held liable.
If you have any questions, please contact your advisor or your iA Financial Group Account Executive.