403b/457 Maximums

Would anyone who uses % contributions be willing to share their 403b Benefit Plan setup with us? We are also interested in seeing your BSI setup for capping at the limits and how this works for employees who are allowed to go over the max?

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Infor Lawson Human Resources Group - Discussion

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unknown

We have this working well, feel free to call me at 954-355-5907

deanna-plant

Would anyone be willing to send me a print screen of their BSI Payment Override setup for 403b Roth and/or 401k Roth plans? We are needing this as soon as possible and would greatly appreciate any input. Thank you in advance!

unknown

Deanna, note it shows 'non-taxable' but it does indeed tax (BSI aware) We are 10.e

deanna-plant

Thank you Diane. Is this for a Roth plan? We are interested in seeing a Roth setup if you would have one to share.

Also, when you set up your 457b plan, did you set it up for Federal & States?

unknown

Attached is an example of a Roth 403b override.

deanna-plant

Thank you for the print screen! Does this have to be setup for State tax authorities as well as Federal?

unknown

Yes, you would need to set it up for any applicable state authorities.

pbuckley

Does anyone set up overrides on Roth deductions that are below the IRS limit to account for contributions to previous employers within that year? If so, have you noticed the Roth deduction not stopping at the Override limit?

We have our Roth overrides for previous ER contributions set up the same as jkincaid screen prints above and none of these Roth overrides are stopping at the limits anymore. Seen this with TF 9.0 and TF10.0.e. BSI was unable help us determine what the problem was or how to correct it. We've had to do manual overrides within Lawson on PR14. Very frustrating. If anyone else has seen this issue, or knows of a solution, please let me know.

Attachment_4336.zip

deanna-plant

For those using BSI Payment Overrides for 403b, 401k, 457b plans, do you enter new payment overrides each year with a new start date or do you just update the existing overrides and update the maximums? Is there any history anywhere if you use the existing override & just update the maximums?

unknown

We enter new payment overrides each year in order to track the history.

unknown

Can't respond to overrides less than the limit. Since it's really the employee responsibility, we've placed the accountability on them and require them to elect only the amount they have remaining. As for Deanna's question - we enter overrides when the annual elections change (until then, we leave the end date as 12/31/99 (or whatever the open date is, I don't have BSI open). When there is a change in the annual elections like there is for 2015, we will end the current override with 12/31/14 and add new records effective 1/1/15. Personally, I'm not sure it's totally worth the effort - but that's my opinion ONLY. Yes, you can see the history, but for detail, you still have to go back to Infor and check per person when there's questions.

unknown

After adding the new records, as a test, we calculated a manual check for an employee to see if the limit was invoked. Our test employee should have been capped at $24,000 maximum but was only capped at $18,000. Has anyone else had trouble with the 2015 payment overrides for 403b, 457B maximum not being invoked for age 50+?

0712131256598360.doc

sriman-shivakoti

I just tested ours and do not appear to have the issue. Does the employee you tested have the override code on their HR11/pr13?

unknown

Yes, they do.

plancor

Ours tested out OK as well. Are your settings correct on the payment override definition? Attached is an example of ours.

unknown

We've always set up with "Do Not Aggregate Plans" and not had an issue. But I will try your setting.

unknown

Still no luck. I'll double check all my settings and test cases. Thank you for your help!

unknown

Go figure....I shut down; logged back in, retested and "voila"....it worked...thanks again for your help!

Now on to my next question

We added the new records when we were at 10.0.d. Then we upgraded to 10.0.e.2. I no longer see the 2015 records in the upgraded version. Do they have to be re-added with every Cyclic upgrade?

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