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Last Post 06/18/2018 1:40 PM by  TressaG
Defined Contribution Company Only deduction based on Years of Service
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Margie Gyurisin
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06/20/2017 3:29 PM

    Does anyone have a defined contribution plan built that calculates a percent of salary paid in the bi-weekly check based on years of service?  It is not a match. 

    Something like this:

     

    0-3 YOS: 1%

    4-5 YOS: 2%

    6-99 YOS: 5%


    I am drawing a blank on the proper coverage/contribution type combos.


    It is effective July 1, of course.


    no pressure

    Tags: DC YOS
    Mary Porter
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    06/20/2017 3:51 PM
    Margie,
    I have one based upon age as of 12/31. I did it as Coverage Options/Options Amount (Flat %), and I do one upload at the beginning of the year
    to put them at the right option for the year.
    LoriN
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    06/21/2017 7:28 AM

    Coverage type - 2 coverage amounts

    Contribution type - 3 flat contributions

    Calc type 4 - Rate table - service rate table, type percent, only put values in company portion.

     

    Margie Gyurisin
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    06/21/2017 3:09 PM

    Thank you for your responses. 

     

    I appreciate the help.

     

    I did set it up as Lori mentions. 

     

    We will begin full testing of the solution for our various scenarios.

    TressaG
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    06/18/2018 1:40 PM

    Hi Margie,

    Any chance you would be willing to share screenshots of your final setup?  Our plan is very similar...and I'm in the beginning stages of researching how to set all of this up in S3 (my organization just implemented TM v11 and S3 v10 several months ago). This will be the first benefit plan I need to setup in S3...

     

    If you are willing to share, you can email me at tressa.gislason@rsfh.com

     

    Thanks!

    Tressa

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