401k Catch Up

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Posted on by Kaci Rumelhart

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We are using Microsoft Dynamics 2011 SP1

In our 401k plan the deduction is set up to have a max amount each year. Well there is a provision that allows for a one time catch up of 5500 if you are 50 or older. My question is how does Dynamics handle the catch up contribution? The current 401k deduction has a max amount, so I need to know how to get the remaining 5500 in – do I set up a different deduction and attach both to this person?

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RE: 401k Catch Up

Yes, setting up a second deduction is one way to do this. Or, you could instead increase the max deduction amt in the one and only deduction ID to include the 5500 amt but then give each employee the maximum amt that pertains to that employee based upon age in Employee Maintenance>Deductions.