The Benefits and Wellness department within Human Resources is responsible for the timely payment of health care insurance premiums, including medical, prescription, eye, dental, life, and disability. The Benefits/Insurance Specialist within the Benefits and Wellness department is responsible for determining the amount of payment and its due date for each benefit provided.
The Benefits/Insurance Specialist emails a fund transfer request to Payroll, who requests and releases the electronic transfer of funds from Central Michigan University's cash account to the benefit provider for whom payment is being requested. In addition, the funds transfer request is also emailed to the Agency Fund Accountant. Upon notification from Payroll that the funds have been released, the Accountant prepares the necessary journal entry to record the payment to the benefit provider.
The Accountant also coordinates with Human Resources at fiscal year end to ensure that an accrual entry is made and that the general ledger reflects a full year of premiums being paid or accrued.