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I have a question about setting the employer maximum on a 401K benefit. I have set up a 401k deduction for a fixed amount. The benefit method is percent of deduction. I would like to set a employer maximum amount but the screen is grayed out. Any suggestions?
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I have the same issue. The Employer Maximum amount is grayed out, but the benefit is setup as a percent of deduction. Even creating a new benefit, the Employer Maximum field is still grayed out. I have set this up numerous times before for customers, so why would this be grayed out? Any ideas?
Usually 401K benefits match the employee's deduction, which is usually a percent of the salary to up a maximum amount; although the employee can opt for a fixed amount as well.
I am assuming your 401K is setup this way. If it is, rather than making the Benefit a fixed amount to match the employee's deduction, regardless of whether or not the employee has chosen a fixed amount or a percent of wages, make the benefit a "Percent of Deduction." This will serve 2 purposes, you can enter a Maximum Benefit amount for the Calendar year AND if the employee's deduction changes (meaning they change the % or fixed amount) the Benefit will automatically change as a result, saving you time.
Here is a video I created based on your question that shows screen shots.
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