Fast Formula – Benefits

Fast Formula – Benefits, Part 1

In this session, we have covered the Fast Formula usages in Benefits.
In HCM, Benefits is one of the products that extensively make use of Fast Formula Functionality. I understand that Benefit has created the most number of Formula types.

This session only covers the Types, context and input values of Benefit Formulas. We will try to cover the Benefit Formula Functions in the future.
I have collected the information from different sources. Therefore, the information provided in this blog may not be up to date or the functionality may not be available in your release.

Please confirm with your support/development for the accuracy of this information. If there is any discrepancy, please let us know so that we can correct the blog

Benefit Formula Types:

Formula Type Name	Description	Usage	Return
Action Type Due Date	Determines the date on which the Action Type must be completed (e.g. 90 days from the Life Event Creation Date).	Enrollment requirements	Date
Age Calculation	Used to determine an Age value to be used for Eligibility, Coverage or Benefit, Premium, and Rate calculations	Derived factors	Amount
Age Determination Date	Determines the date from which age will be calculated (e.g., the first day of the next plan year).	Derived factors	Date
Automatic Enrollment Method	Determines the conditions under which a person should be automatically enrolled in a compensation object.		A/E/N
Beneficiary Certification Required	Determines the conditions under which a person must provide certification for his or her designated beneficiaries.	Enrollment requirements	Y/N
Benefits Extract Custom Data Rule
Break In Service	Determines whether a break in service has occurred and if this break should not be ignored.		Y/N
Break In Service Value	Break In Service Value		Amount
Certification Allow Reimbursement
Change Dependent Coverage	Used to determine if a dependent can be 'Added Only', 'Removed Only', Added and Removed', or 'Neither'.	Dependent requirements	Y/N
Collapse Configuration
Compensation Calculation	Used to determine a Total Compensation amount to be used for Eligibility, Coverage or Benefit, Premium and Rate calculations	Derived factors	Amount
Compensation Determination Date	Determines the high date from which hours compensation will be calculated (e.g., the first day of the next plan year).	Derived factors	Date
Compensation Object Selection	Determines which compensation objects are to be included for processing in a concurrent manager process.		Y/N
Contribution Non-discriminatory	Compares individual employee pretax contribution amounts to total pretax contributions for highly and non-highly compensated persons.		Y/N
Coverage Amount Calculation	Calculates a coverage or benefit amount for a person.	Coverage	Amount
Coverage Amount Limit		Coverage
Coverage Lower Limit		Coverage
Coverage Non-discriminatory	Compares the total number of persons eligible to participate in a plan minus the persons who are not eligible due to legislated allowable factors to the number actually participating.	Coverage	Y/N
Coverage Sequence Limit		Coverage
Coverage Upper Limit		Coverage
Deduction Schedule	Determines the deduction schedule to be used for this person.		One of the BEN_DED_S CHED values: 1N3WKNMO,  1PRDIMO,  1SYPNYR,  1WKNBIWK,  1WKNMO,  2N4WKNMO,  2PRDIMO,  2SYPNYR,  2WKNBIWK,  2WKNMO,  3WKNMO,  4WKNMO,  APR,  AUG,  DEC,  EPP,  FEB,  JAN,  JUL,  JUN,  MAR,  MAY,  NOV,  OCT,  SEP,
Default Enrollment	Determines whether this option in plan should be assigned to a person as part of the default enrollment process.	Enrollment requirements
Default to Assign Pending Action	Determines the applicable default option or benefit to assign to the person when his or her choice has been suspended.	Enrollment requirements	One of the BEN_DFLT_T O_ASN_PND G_CTFN values : CASDFNDF,  CASDFNMN,  CASDFNNL,  CASDFNNT,  CASMNNDF,  CASMNNMN,  CASMNNNL,  CASMNNNT,  CASNLNDF,  CASNLNMN,  CASNLNNL,  CASNLNNT,  CASNTNDF,  CASNTNMN,  CASNTNNL,  CASNTNNT,  CASSMNDF,  CASSMNMN,  CASSMNNL,  CASSMNNT,  CDND,  CDNL,  CDNM,  CDNN,  CLND,  CLNL,  CLNM,  CLNN,  CMND,  CMNL,  CMNM,  CMNN,  CNND,  CNNL,  CNNM,  CNNN,  CSEDFNDF,  CSEDFNMN,  CSEDFNNL,  CSEDFNNT,  CSEMNNDF,  CSEMNNMN,  CSEMNNNL,  CSEMNNNT,  CSENLNDF,  CSENLNMN,  CSENLNNL,  CSENLNNT,  CSENTNDF,  CSENTNMN,  CSENTNNL,  CSENTNNT,  CSESMNDF,  CSESMNMN,  CSESMNNL,  CSESMNNT,  CSND,  CSNL,  CSNM,  CSNN,  CSODFNDF,  CSODFNMN,  CSODFNNL,  CSODFNNT,  CSOMNNDF,  CSOMNNMN,  CSOMNNNL,  CSOMNNNT,  CSONLNDF,  CSONLNMN,  CSONLNNL,  CSONLNNT,  CSONTNDF,  CSONTNMN,  CSONTNNL,  CSONTNNT,  CSOSMNDF,  CSOSMNMN,  CSOSMNNL,  CSOSMNNT,  RL,
Dependent Certification Required	Determines the conditions under which a person must provide certification for his or her designated dependents.	Dependent requirements	Y/N
Dependent Coverage End Date	Determines when coverage for a dependent should end	Dependent requirements	Date
Dependent Coverage Start Date	Determines when coverage for a dependent should start.	Dependent requirements	Date
Dependent Eligibility	Determines whether a person is eligible to be covered by a participant in a compensation object	Eligibility	Y/N
Election Value Range Rule
Element Type and Input Value Determination
Eligibility Access Calculation Rule	Returns a person's value for a user-defined criteria so it can be evaluated in the eligibility determination process.	Eligibility	Criteria (and subcriteria) values
Enrollment Certification Required	Determines the conditions under which a person must provide certification in order to enroll or elect a particular plan or option in plan, or benefit.	Enrollment requirements	Y/N
Enrollment Coverage Start Date	Determines when enrollment coverage for a participant should start.	Enrollment requirements	Date
Enrollment End	Determines when enrollment coverage for a participant should end.	Enrollment requirements	Date
Enrollment Opportunity	Determines whether the compensation object should be an electable choice for the person..	Enrollment requirements	A/E/N
Enrollment Period End Date	Determines the date on which the enrollment period Ends.	Enrollment requirements	Date
Enrollment Period Start Date	Determines the date on which the enrollment period starts.	Enrollment requirements	Date
Evaluate Life Event	Determines if this life event is valid, or if the life event information needs to be changed, e.g. status, voided date, unprocessed date.		Date
Excess Credits Treatment		Life events
Extra Input		Rates
Family Member Determination		Eligibility
Handling of Non-winning events
Hours Worked Calculation	Used to determine an Hours Worked amount to be used for Eligibility, Coverage or Benefit, Premium,and Rate calculations	Derived factors	Amount
Hours Worked Determination Date	Determines the date from which hours worked will be calculated (e.g., the first day of the next plan year).	Derived factors	Date
Inspection Required	Determines whether inspection of the communication is required. If so, the "Inspection Flag" is set to 'yes' for this person's communication.		Y/N
Length of Service Calculation	Used to determine a Service value to be used for Eligibility, Coverage or Benefit, Premium, and Rate calculations	Derived factors	Amount
Length of Service Date to Use	Determines the low date from which LOS will be calculated (e.g., original hire date or rehire date).	Derived factors	Date
Length of Service Determination Date	Determines the high date for which LOS will be calculated (e.g., the first day of the following month).	Derived factors
Life Event Occurred Date		Life events	Date
Life Event Reason Timeliness	Determines whether a life event has been reported in a timely manner.	Life events	Y/N
Mandatory Determination	Determines whether this option in plan should be assigned to a person (and not be optional) as part of the enrollment process.		Y/N
Matching Amount Calculation	Calculates the matching amount.		Amount
Maximum Coverage Amount Calculation	Calculates a maximim coverage or benefit amount for a person.	Coverage	Amount
Maximum Period of Enrollment	Period of Enrollment Rule determines whether a person has been enrolled for the maximum length of time allowed for a plan or option in a plan.	Enrollment requirements	Y/N
Maximum Period of Enrollment Determination Date	Determines the low date to be used when determining whether the person has been enrolled in a plan or option in plan for the maximum period of time.	Enrollment requirements	Date
Maximum Period of Enrollment Value and UOM	Determines the maximum enrollment period and unit of measure for a compensation object.	Enrollment requirements	Amount and UOM
Maximum Waiting Period Date to Use		Enrollment requirements
Maximum Waiting Period to Participate
Minimum Coverage Amount Calculation	Calculates a minimum coverage or benefit amount for a person.	Coverage	Amount
Partial Month Effective Date Determination	Determines which value to use: Date Earned, Pay Period End Date, or Payment Date. This tells the proration process which date to use when determining how many pay periods remain, and when the element entry should start.		One of the Values of : BEN_PRTL_ MO_EFF_DT _DET: DTERND,  DTPD,  PPED,  RL,
Partial Month Proration Method	Determines which value to use: Date Earned, Pay Period End Date, or Payment Date. This tells the proration process which date to use when determining how many pay periods remain, and when the element entry should start.		One of the Values of : BEN_PRTL_ MO_DET_MTHD: ALL,  NONE,  PRTVAL,  RL,  WASHRULE,
Partial Month Proration Rule	Calculates a value for a partial month enrollment.		Percent
Partial Year Coverage Restriction	Determines the maximum coverage amount for partial years of coverage. Allows determinatio n of values other than delivered values of: 1) Standard maximum as defined in the plan. 2) Prorate maximum based on the number of months remaining in the plan year.		Amount
Participation Eligibility End Date	Determines when eligibility for a person should End.	Eligibility	Date
Participation Eligibility Start Date	Determines when eligibility for a person should start.	Eligibility	Date
Participation and Rate Eligibility	Determines whether a person is eligible for the associated compensation object. (This is the rule used in the eligibility profile rule entities.)		Y/N in varialbe ELIGIBLE
Payment Must Be Received	Determines whether a payment is missing or late.		Y/N
Payment Schedule	Determines the payment schedule to be used for this person.		One of the BEN_PYMT_ SCHED Values: 1N3WKNMO,  1PRDIMO,  1QTRNYR,  1SYRPNYR,  1WKINBIWK,  1WKINMO,  2N4WKNMO,  2PRDIMO,  2QYRNYR,  2SYRPNYR,  2WKNBIWK,  2WKNMO,  3QTRNYR,  3WKNMO,  4QTRNYR,  4WKNMO,  APR,  AUG,  DEC,  EPP,  FEB,  JAN,  JUL,  JUN,  MAR,  MAY,  NOV,  OCT,  SEP,
Period to Date Amount Calculation	Determines the maximum period to date amount a person may have for a particular activity rate.		Amount
Person Change Causes Life Event	Determines whether this life event is valid for a person based on the data that changed.	Life events	Y/N
Person Selection	Determines which people are to be included for processing in a concurrent manager process.	Batch parameter	Y/N
Postelection Edit	Determines whether this option in plan should be assigned to a person (and not be optional) as part of the enrollment process.	Enrollment requirements	Y/N and Text
Preferential Rate Calculation	For a given criteria rate definition, if an employee is found eligible for multiple rates by the Rate by Criteria API, the Preferential Rate Calculation formula can resolve which of these rates/ combination of rates must be paid to the employee.		MIN, MID,MAX, DFLT
Premium Lower Limit	Calculates a lower limit of premium amount for a person.		Amount
Premium Upper Limit	Calculates a higerlimit of premium amount for a person.		Amount
Prorate Annual Election Value	Determines how a minimum or maximum annual election value is prorated.		Amount
Range of Scheduled Hours		Eligibility
Rate End Date	Determines when a rate for an enrollment result for a participant should End	Rates	Date
Rate Lower Limit	Calculates an amount used to determine the lower limit value to which an activity rate or variable rate value is compared.	Rates	Amount
Rate Periodization		Rates
Rate Start Date	Determines when a rate for an enrollment result for a participant should start.	Rates	Date
Rate Upper Limit	Calculates an amount used to determine the upper limit value to which an activity rate or variable rate value is compared.	Rates	Amount
Rate Value Calculation	Calculates a rate amount for a person. May be used to calculate a base or variable rate	Rates	Amount
Related Person Change Causes Life Event	Determines whether this life event is valid for a person based on the data that changed.	Life events	Y/N
Required Period of Enrollment	Determines the earliest de-enrollment date for a person's electable choice for a compensation object.	Enrollment requirements	Date
Rounding	Rounds a number to the specified place or decimal.		Amount
To Be Sent Date	Determines the date on which the communication should be sent to the person.		Date
Unsuspend Date to Use
Variable Rate Add On Calculation	Calculates a new value when a variable rate result is used.		Amount
Vested Value
Waiting Period Value and UOM	Determines the waiting period and unit of measure to be applied to a person.	Enrollment requirements	Amount and UOM
Waive Certification Required	Determines the conditions under which a person must provide certification when he or she waives participation.	Enrollment requirements	Y/N