It’s important to update plan members’ salaries
Inflation puts upward pressure on the price of goods and services, but also on compensation, which is why it is important to keep plan members’ salaries up to date.
This periodic update is one of the essential tasks that group insurance plan administrators must perform and, therefore, an essential task for you to perform. Why? Salaries usually determine plan members’ life insurance and short- and long-term disability benefit payments.
If you fail to notify us of a change:
Unreported salary increases could result in benefits lower than they should have been.
- As the employer, you could be held liable for these lower benefits.
- You must send us the salaries according to the definition of salary provided in your contract and notify us without delay of any changes.
If you have access allowing transactions in My Client Space, you can:
Update the salaries of multiple plan 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.
Update the salary of one plan member at a time
- Look up a plan member and access their 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 (F54-020A) form and send it to us within 31 days following the salary change. This form is available at ia.ca, in the Administration – Forms and Return Envelopes section.
If you have any questions, please contact your advisor or your iA Financial Group Client Relationship Manager.