New 401k Benefits Plan

We have a 401k Plan set up with an employer match. Next year we need a new plan set up that will be Employer only that gives employees difference percentages based on years of service. The only way I can think to set it up is to set up a separate plan for each year and to set the Company Contribution. Any other ideas?

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Infor Lawson Human Resources Group - Discussion

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sriman-shivakoti

Have you looked at match limit schedules?

unknown

Yes - the match schedule will allow me to put in a different match based on the employee contributions, but in our case the percentage will be different based on the years of service with no employee contribution required

0911060553270289.pdf

unknown

Have you tried setting up a flat rate contribution with a rate table based off of years of service? We have a union group that is set up similarly for our 401k plan.
Based on our configuration though we have HR55.2 employee group lists of names for the union folks and then use those groups in the BN18.3 to define the flat contribution and rate table since the contribution amount varies based on the employees date of hire and years of service. This is only because the union wanted it tiered based on years of service and the contract that was active at the time. You might be able to get away with HR55.3 groups based on YOS or date of hire.

unknown

hmmm...that sounds like it might work....let me try that ...THANKS!

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