401k Match on compensation (not contribution)

deanna-plant

We are setting up a new 401k plan that matches on compensation instead of employee contribution.  Our match is 1% when employee contributes at least 2% of compensation. We can’t get system to recognize 1% contribution would not get match and also having problems with match being a percent of employee contribution instead of a percent of compensation. 

Does anyone have a similar setup?  And if so, would you be willing to share your setup if all is working as it should? 

Thank you!

Deanna

 

unknown

Hi Deanna, It sounds like you are saying that if the employee contributes 2% of their compensation or more, you will match 2% of their compensation at 50% ("Our match is 1% when employee contributes at least 2% of compensation"), is that correct? If so, have you tried setting up the BN18.7 with a Match Percentage value of C (Cumulative), then setting up your schedule on BN19.4 as follows:

Begin % 1, Match % 0

Begin % 2, Match % 50

Begin % 3, Match % 0