Creating match limit schedule contribution rules

Use match limit schedule contribution rules for defined contribution plans such as 401k and 403b.

  1. Select Benefits > Plans > Benefit Plans.
  2. On the Benefit Plan Contributions tab, click Create.
  3. Select a Coverage Class, Benefit Group, and the Contribution Start Date.
  4. Specify this information for all Contribution Types:
    Contribution Tax Type

    Select whether the employee contributions are pre tax, after tax or both. If the plan does not include employee contributions, select No Employee Contribution. Important: This field must match with the deductions attached to the plan.

    Default Tax Type

    Select a Default Tax Type when the Contribution Tax Type is Both.

    Currency

    Select the currency in which to display the tax type.

  5. For Match Limit Schedule contribution plans, specify this information:
    Employee Contribution Type

    Select whether employees can contribute as a percent, an amount, both, or no contribution.

    Increment

    Specify the minimum percent that can be allocated for an investment account when splitting investments into multiple accounts. For example, if you specify 25, employees can invest 25%, 50%, 70%, or 100% of their contribution.

  6. In the Match section, specify this information:
    Match Option

    Specify whether the employer contributes a match for pre tax contributions, after tax contributions, or both.

  7. Specify contributions based on years of service.

    See Calculating contributions based on years of service.

  8. Specify contributions based on salary.

    See Calculating contributions based on salary.

  9. Optionally, define how adjustments are to be calculated.
    See Calculating adjustments for contributions.
  10. Click Save.
  11. Click Create to define the match limits.
    1. Specify the ending years of service.
    2. Specify the employee limits (pre tax, after tax, and total).
    3. Specify the match rules.
  12. Click Save.