Calculation of Employee Contribution Override for Spending Accounts (Plan Type 6x) for Payroll Interface
Last updated on MAY 15, 2017
Applies to:PeopleSoft Enterprise HCM Benefits Administration - Version 9.1 and later
Information in this document applies to any platform.
Benefits Administration calculates the Empl Contribution Override for a Spending Account using the following formula: Empl Contribution Override = Annual Pledge/Pay Periods in which deduction taken x Number of checks in year/Frequency of Plan. Payroll Interface deduction calculation determines the deduction amount using the following formula: Empl Contribution Override x Frequency of Plan/Pay Periods in which Deduction taken.
1. Elect FSA during Open Enrollment (Navigation: Self Service > Benefits > Benefits Enrollment).
2. Finalize Open Enrollment event (Navigation: Benefits > Manage Automated Enrollment > Events > Run Automated Event Processing).
3. Calculate deductions for Payroll Interface for the first period of the new year (Navigation: Payroll Interface > Pay Period Deductions > Calculate Deductions).
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