Fusion HCM Benefits - 401K Employer Rate Setup (Doc ID 1684132.1)

Last updated on JUNE 22, 2017

Applies to:

Oracle Fusion Benefits - Version 11.1.7.0.0 and later
Oracle Fusion Benefits Cloud Service - Version 11.1.7.0.0 and later
Information in this document applies to any platform.

Goal

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?
 

Solution

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