Savings Management Limit Amount Override
Last updated on SEPTEMBER 28, 2017
Applies to:PeopleSoft Enterprise HRMS Human Resources - Version 8.8 SP1 and later
Information in this document applies to any platform.
The "Limit Amount Override" on the Savings Management page is to be used in cases in which a person has come from a different organization and his or her data for earlier in the year is not in PeopleSoft. You should use the Limit Amount Override to enter the remaining amount the employee is allowed to take for the rest of the calendar year. When running paycalc, the limit override is not cuting off the deduction where it should. This is happening for the catch up and the age 50 limit extension types ( limit ext type )
For example, say a person who started working at the company in March, 2004 and already has $12,000.00 in his 403(b) plan from another company. ($13,000 is the 402g limit). Therefore, the $12,000.00 is not in Peoplesoft. This person is not eligible for any extensions and his check should be cut off after $1000.00 more is contributed. Entered $1000.00 in the "Limit Amount Override" box but this did not cut the deduction.
Checked on the "Ext Elect" to activate the "Limit Amount Override" and entered $1000.00 in the "Limit Amount Override" box, however, you cannot not save the record because the system wants an amount in the "Ext Amt" box as well.
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