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SkaddenCourtney
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Posts: 7
3/12/2012 6:32 PM
We are having the issue for employees reaching specific years of service and thus entitled to a higher accrual.
Example: Employee started on July 16, 2007 and by July 15, 2011, employee had already completed the 4 years of services. Starting from July 16, 2011 employee will be entitled to the increase. In 2012 employee entitled to the full increase 5 year accrual.
We have a quarterly accrual plan structure set up like the below based on hire date:
0-4 years - receive X amount of days
5-10 years - receive X amount of days
11+ years - receive X amount of days
All of my LP setsups refer to hire date as the eligible date. We accrue on 1/1, 4/1, 7/1 and 10/1. Our nearest point is set up as BEFORE requirements are met.
I have set up the accrual table as below:
From Cycle
Amount or Percent
0 "X" hours
20 "X" hours
40 "X" hours
Employees are still receiving their lower accrual for this year even though they are in the 5th year of hire. Is my table set up incorrectly? Help would be appreciated!! Thank you!
Ragu Raghavan
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3/12/2012 11:37 PM
Split
If the accrual cycle is a quarter, 4 years = 16 cycles. So shouldn't step 2 say From Cycle 17 instead of 20, so the new rate will kick in on the 17th quarter (beginning of 5th year)?
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