From the Accounting Department
By Paul Parkinson, Director, Finance
Did you know?
Fact: Every two weeks, ASP processes over 1,000 paycheques.
We have a standard of trying to reply to everyone’s email within 24 hours. However, sometimes employees will submit a request, and if they do not receive a response right away, they will email again and again, each time becoming more frustrated. Along with cluttering up our inbox, this takes time away from responding to others in a timely manner or interrupting the payroll process.
- You can help us out.
- Email once and give us time to respond.
- Do not close your old bank account until we have confirmed that the new account has been configured. You run the risk of not getting your pay on time.
- Check your employee portal for your hours before the payroll process starts and address discrepancies immediately with your supervisor.
- Read your paystub carefully. Oftentimes, a “missed” item is there.
If everyone takes a little more time in reviewing their portal and paystub in partnership with the Accounting Department, we could have fewer emails coming in and more focus on ensuring everyone is paid on time and correctly.
- Ensuring You are Covered
Getting married? Having a baby? Congrats! We want to ensure you and your eligible dependents are properly covered, so it is very important you notify us of new life situations, such as:
- Marriage or divorce
- Birth or adoption of baby
- Spousal job loss
Help us ensure all your eligible family members are covered under our plan, so please advise Human Resources when you experience these changes.
2. Choosing Your Beneficiary
As life evolves, it is important to periodically revisit your decisions regarding your designated beneficiary. This is the person (or your estate) you named to receive proceeds of your Life benefit.
Here is the tax treatment for various beneficiaries:
- An individual: This person will receive the Life benefit tax-free.
- Your estate: If your estate is named as beneficiary, it will be subject to tax.
- If you did not assign a beneficiary, any benefit will automatically go to your estate.
- Children: Children under 18 cannot receive an insurance benefit and you must appoint a trustee for them. If this is not done by you, the court will appoint one for them in the event of a claim
In order to ensure that your beneficiary designation is up to date, please complete the Empire Life Group Change Form under section 7 and 8 and return the original signed copy to Human Resources.
Insurance companies require original signed forms for designations, changes to designations or for claims. Faxes and photocopies are not acceptable and may jeopardize payment of a benefit to your intended beneficiary.