401K

I have a question for all users that have installed the HR package. How do you handle the 401K limits?
i.e. DBA type 401K limits <55 $11k; >55 $12k.
We are trying to get this to work for go live, and have employees that reach the limits within 3 months of the new year.
Your help will be appreciated.
TIA

Re: 401K Catch Up

Jeremy,

I just worked out a setup using two DBAs and two plans. That makes a total of 3 each including the standard 401(k). Not real pretty but it works. I will share it with anyone interested.

I still have an issue with the age and will probably end up doing my own DBA calculation setup in the P07901. Right now it uses the actual age based on the check date. The law permits anyone who reaches age 50 (not the 55 you mentioned) by December 31 to make a catch up contribution.

If anyone out there has a better mousetrap, please beat a path to my door.

Re: 401K Catch Up

Unfortunately, that is what we're hearing with everyone we ask. We are hoping (like you) someone else has a better way of doing this with just one dba. I would think that JDE is smart enough to figure out a way to do this. And once they do, put a white paper out there so we can learn how to do this.

Thanks for your response. We are interested in what you have developed, will you email it to me? [email protected]. Thanx.

Re: 401K Catch Up

I see that you are also using two DBAs to handle the catch up provision. Our company is doing this; however, we have just encounterd a limit issue and I would like to compare your setup with ours. Would you please send me your basic setup/configuration of the two DBAs? Greatly appreciated!!!

Re: 401K Catch Up

Shay,

I am attaching screenshots of our setup. I believe it will be self-explanatory. Please contact me if you have any questions.