Keeping members’ salaries up to date: an essential task
Keeping salaries up to date is one of the main responsibilities of group insurance plan administrators and therefore an important task you must carry out, because the members’ salaries usually determine the life insurance and short and long-term disability benefit payments.
You must send us the salaries according to the definition of salary provided in your contract and notify us without delay of any change in a member’s salary.
If you fail to notify us of a change:
- unreported salary increases could result in benefits lower than they should have been, and
- the employer could be held liable for these lower benefits
This is a simple but very important task.
If you have access allowing transactions in My Client Space, you may:
Updating the salaries of multiple members when salary changes take effect on the same date:
- In the left-hand menu, under Administrative Functions, click on the dropdown menu and choose Mass Salary Change
- Follow the steps
Updating the salary of one member at a time:
- Look up a member and access his or her personal record
- In the left-hand menu, under Update Member Information, click on Edit the salary
- Enter the information on the new salary
You can also complete the Notice of Change form (F54-020) and send it to us within 31 days after the salary change. This form is on our website at ia.ca/business/forms, in the Administration – Forms and Return Envelopes section.
If you have any questions, please contact your advisor or your iA Financial Group Account Executive.