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401k Match and Catchup
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401k Match and Catchup
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tpeissig
New Member
Posts: 3
4/16/2014 7:14 PM
I have the pleasure of creating a 401k plan with match. However we have catchup in the same plan and do not want to match on the catchup. Is it possible to keep the plans together, match up to the regular $17,500, but not match on the catchup contributions? I haven't found anyone yet who does it. It seems like it catchup is usually kept in a separate plan and then there is programming done to track the limits and match.
stephanie
Veteran Member
Posts: 330
4/17/2014 12:19 PM
If your employees are supposed to fullfill the regular elective deferral amount before the catch up, you can enter a dollar limit on the match to correlate to the 17500 contribution.
tpeissig
New Member
Posts: 3
4/17/2014 1:14 PM
Thank you for the reply, Stephanie. I have the match set up as Contribution Type 6 - Match Limit Schedule. Are you referring to the dollar amount on the Match Limits BN19.3? I guess I thought that was for a limit to what the company will give for match. So we would match 50% up to 6% but not exceed say $15,000. I will certainly try putting an amount in there and calc some checks with people with Catchup though. Any ideas are appreciated. Thanks!
Andrew
New Member
Posts: 1
5/2/2014 5:18 PM
We have the same issue and currently handle by running reports prior to closing to catch those individuals who are going to go over the threshold. However, I would rather handle this validation through the application. Did you have any success with setup and testing?
tpeissig
New Member
Posts: 3
5/2/2014 5:45 PM
I was not able to do it in the application. Plan is to query and stop manually.
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