Adding a weekly 401k match to replace annual match

My company will be creating a weekly 401k match to replace their annual match. The annual match is calculated outside of Lawson but we will be doing the weekly match in Lawson. I am early in my analysis of how to set this up and am new to plan set up in Lawson. We have Pre-Tax and Roth set up in the same plan.

Can I /should I set up a new match plan that will include both Pre-Tax and Roth deductions? We will add in the Roth contribution but the match will be all Pre-Tax.

Or can I/should I change the existing 401k plan to have the match right in it? From what I have been seeing it looks like I can just modify the existing plan to include the match rather than create an additional plan.

Any help or advice would be greatly appreciated. Thanks!

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Comments

sriman-shivakoti

If you can add the new deduction codes in your existing plan, go for it. You wil need a separate deduction for the company pretax match and the company roth match in order for it to work.

sriman-shivakoti

One other thing, keep it all in one plan no matter what you decide.

0911060553270289.pdf

unknown

Thank you, Margie. I will set up in test under the existing plan with separate company match deductions for Pre-Tax and Roth.

unknown

Last year we added a Roth plan to our existing 403b plan. (We allow a match on both -- but that is defined in the plan set up.) I had to create a new plan because we needed to change deduction codes. If you have not already done so, be sure you read the knowledge base article KB 1188052. It can be a little bit tricky getting it set up.

I totally agree with Margie, you need to keep it all in one plan.

unknown

Okay, I will need to set up a new plan that has the employee Roth and Pre-Tax deductions and the company match. I can't change the existing plan to include match since there are people in the plan. New set of questions now...

If I put a stop date on the existing plan of 5/31/2014 and create a new plan with a start date of 6/1/2014 can I use the same deduction codes for employee deductions that we have been using already?

When I put a stop date on the existing plan and hit 'Change' I get the error 'DC Deduction Class must = company dc deduction class'. Why would this error come up now and not when the plan was first created? Is it possible to get around it so that I can put a stop date on?

sriman-shivakoti

Not sure why you would get that error message unless the class on the deducts was changed after plan set up.

Did you try to stop everyone in the existing plan using BN103 with csv extract, make deduction changes and then reload csv file with new start dates?

If you create a new plan, you will need new deduction codes.

unknown

Thanks all. It looks like I have a working plan. I had to set up a new plan with new deduction codes. I will take the current elections and load into the new plan.

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