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Last Post 06/21/2017 3:09 PM by  Margie Gyurisin
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.

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