401K Catchup Stopping At Wage Limit Instead Of Deduction Limit
Last updated on NOVEMBER 02, 2016
Applies to:Oracle HRMS (US) - Version 22.214.171.124 to 12.1.3 [Release 11.5 to 12.1]
Information in this document applies to any platform.
The 401K Catchup deduction that was generated stops when the employee's wages reach the 401K compensation limit. Client believes that the 401K catchup should only use the deduction limit.
Payroll run message states: "OM_401K Catchup: Deduction has reached the yearly limit. OM_401K Catchup: Annual Eligible Comp Limit has been reached, please re-classify Catchup Amount."
What does "re-classify Catchup Amount" mean?
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