Is there a way in GP to put a compensation limit on a 401k deduction?
Thanks in advance
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Yes, it's the top heavy I'm thinking of. So it seem the manual method is the only one that's possible with out of the box software.
Thanks
Maybe the method you'll need to use is to adjust the maximum deduction amount and base it on a projected compensation limit.
Example: if employee wants 10% of the first $100,000 then the maximum deduction amount would be $10,000
If you're looking to avoid "failing" the top heavy test, you may need to suggest to the highly compensated the maximum they can contribute so they avoid refunds
Hope this helps
Thanks for the info.
You may want to check out Enhanced Retirement Plans from Integrity Data.
www.integrity-data.com/Product-Enhanced-Retirement-Plans_10.aspx
Yes, saw that one. Not a big deal just wondering what others were doing about it. Seems like it would be part of a payroll.
Not a compensation limit but a limit on the maximum deduction. You can limit it by Pay Period or by Calendar Year as well as lifetime.
Go to the Tools>>Payroll>>Setup>>Deduction
Don't know if there's an ISV solution out there that could do more?
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