Hello,
We are in the process of setting up a new After Tax 403 plan that does not have a company match and the employee would be allowed to contribute a percent of their total salary or a flat amount. We need to be able to restrict the employee from contributing over $46,000. We've tested setting up a plan with a contribution type of contribution limits and set the maximum annual amount to 46,000 on the contribution rule. This enforces a limit when the employee elects a flat amount. However, I can't find a way to enforce a limit when an employee selects a percentage of their annual salary.
We have a different 403 plan setup and limits are enforced by a BSI code. In speaking with Infor, we are not able to get a different BSI code for our new plan that has different maximum contribution amounts.
Has anyone else setup a benefit plan that enforces a maximum annual dollar limit when an employee selects a percentage contribution? If so, do you have any suggestions for me?
Thank you,
Rhonda
