You’re offline. This is a read only version of the page.
We are adding a Roth 401k Option to our current 401k Plan. It will allow employees to contribute all or a portion of their 401k contribution into our Roth option.
I'd like to have another deduction code for this that will communicate with our current 401k deduction so the total of the two will not exceed 401k contribution limits, i.e. I want Joe Smith to be able to have two codes '401k' and 'roth401k' - combined their contributions cannot exceed $15,500.
We'd then have to do the same dual codes with matching and loans.
Has anyone implemented this before and how have you made the two work together? We're looking for automation - we don't want to create an external method of tracking 401k/Roth401k contributions for each employee.
Thank you!
Ben
*This post is locked for comments
I have the same question (0)
Did you figure out a solution to this? We are currently looking at doing the same thing and the only thing we could come up with was to create alerts on the employees pr data as well as queries for payroll to run post calculation to ensure the two deductions did not exceed the yearly max.
Share
Report
All responses (
Answers (
5
