Savings Plan Deductions for Age 50+ Employees are Stopped when the 415c Limit is Reached
(Doc ID 1231013.1)
Last updated on MAY 04, 2021
Applies to:PeopleSoft Enterprise HCM Human Resources - Version 8.3 SP1 to 9.1 [Release 8.3 to 9]
Information in this document applies to any platform.
The savings plan is included in both 402g and 415c limit tables. For employees who are age 50+, they are allowed to make the additional contribution of $5,500. The extension amount is from the Savings Management page. The deduction is now stopped by the 415c limit when employees reached the Maximum Yearly Deduction of $49,000 and did not allow for the additional $5500 of catchup.
Request to include 415c limit in the over age 50 limit processing.
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