Savings Plan Contributions of Employees with Multiple Benefit Record Numbers Are Not Split Appropriately across Savings Plans with Multi-Level Employer Match
(Doc ID 2548859.1)
Last updated on JANUARY 29, 2021
Applies to:PeopleSoft Enterprise HCM Human Resources - Version 9.2 to 9.2 [Release 9]
Information in this document applies to any platform.
For Savings Plans that have a step match that needs to be calculated across multiple Benefit Plans and/or across different tax bases (i.e., before tax and after tax employee contributions), two plans are used. The first plan is set to rollover contributions to the second plan when the maximum employee contributions which are matched at the first match level are reached; the second plan holds the remaining contributions and the second match level is applied there.
For employees with multiple Benefit Record Numbers, the rollover point is not calculated correctly, sometimes causing an understatement of the employer match.
1. Calculate a payroll for an employee with multiple Benefit Record Numbers who is contributing 10% to the Savings Plan (Navigation: Payroll for North America > Payroll Processing USA > Produce Payroll > Calculate Payroll).
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