Base Benefit Use for Deferral of Bonuses Only (Doc ID 2814234.1)

Last updated on NOVEMBER 10, 2023

Applies to:

Goal

Currently, payroll is manually entering deductions for a deferred compensation plan for bonuses available only to employees earning over $150,000. Employees can elect to defer a percentage, a flat amount or the excess over a flat amount of the bonus. Elections are made in the fall of one year for bonuses earned in the next year and paid in the year after that. The risks involved are that deductions may not be taken for employees who change companies or are terminated and receive their bonuses outside of the general payroll run of bonuses. Also, adjustments to paid bonuses can be missed for determining deductions as well. Can this be set up in Base Benefits such that these deductions will occur on a more automated basis with reduced chances of error?
 

Solution

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