ROTH 457B Catchup Deduction Not Calculating Correctly
(Doc ID 1293705.1)
Last updated on JUNE 05, 2018
Applies to:Oracle HRMS (US) - Version 12.1 to 12.2.7 [Release 12.0 to 12.2]
Information in this document applies to any platform.
Find 457B Catchup Deduction is not taking the full allowable amount. According to the IRS and our plan, if an employee is within 3 years of retirement age (59 ½ per IRS) an employee may contribute the basic annual limit plus the amount of basic not used in the prior three years.
For 2010 an employee can contribute 16,500 (basic annual limit) plus 47,500 (16,500 limit in 2009 and 15,500 limit in 2008 and 2007) assuming that they have not contributed anything in the past three years.
The highest amount that the system will deduct is 16,500 basic and 22,000 in catchup.
Steps to Reproduce:
The issue can be reproduced at will with the following steps:
1. <Enter and Maintain > Assignment > Entries
2. QuickPay > SOE and Run Messages
To view full details, sign in with your My Oracle Support account.
Don't have a My Oracle Support account? Click to get started!
In this Document