415 Limit Stops Savings Plan Deduction on First Paycheck of the Year
(Doc ID 2493802.1)
Last updated on FEBRUARY 28, 2023
Applies to:
PeopleSoft Enterprise HCM Human Resources - Version 9.2 and laterInformation in this document applies to any platform.
Symptoms
Deduction for Savings Plans was prematurely limited by the 415 Limit in the first paycheck of the year. The employee is retiring and the full amount allowed by the 402(g) Limit should be deducted from this first paycheck.
STEPS
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1. Calculate Payroll (Navigation: Payroll for North America > Payroll Processing USA > Produce Payroll > Calculate Payroll).
Changes
Cause
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In this Document
| Symptoms |
| Changes |
| Cause |
| Solution |