Fusion HCM Benefits - 401K Employer Rate Setup
Last updated on JUNE 22, 2017
Applies to:Oracle Fusion Benefits - Version 220.127.116.11.0 and later
Oracle Fusion Benefits Cloud Service - Version 18.104.22.168.0 and later
Information in this document applies to any platform.
Fusion HCM Benefits - 401K Employer rate setup
For 401K, Employee will elect to contribute a percentage on their base salary.
Say for example, employee elects to contribute 15% on their base salary towards 401K employee contribution.
15% multiplied by base salary will be Employee contribution.
Employer 401K matching is "matching 25% of employee election up to 6% election mark"
Example: Each payroll Employee's pay is $2769.23
If you take 6% of Employee's Salary $166.15, the company will match 25% of that which is $41.54.
How do we achieve this in Fusion Benefits rates setup?
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