Defining plan parameters when using GHR benefits
- Access DC Compensation Limits for GHR (BN12.3).
- Select the company.
- Specify the Plan Code.
- Specify the Plan Description.
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Use these guidelines to specify the field values:
- Apply Max Compensation Limit
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If this is a 401(k) or 403(b) plan, select whether you want the Infor Payroll application to stop each employee's contributions when the employee's covered compensation for the plan year exceeds the maximum compensation limit.
If you select Yes and an employee participating in the plan has compensation that meets or exceeds the limit, the Infor Payroll application reduces the employee's compensation used to calculate contributions to the limit. If the Infor Payroll application reduces the compensation used to calculate contributions to zero, the Infor Payroll application does not calculate a contribution for the employee. You can override this field for individual employees on the Benefits tab of Employee (HR11.1).
If you select No, the Infor Payroll application continues to take contributions regardless of the maximum compensation limit.
If you select Annual Additional both; Maximum Compensation Employer Only (R) and an employee participating in the plan has compensation that meets or exceeds the limit, the Payroll application reduces the employee’s compensation used to calculate contributions to the limit. If the employee meets or exceeds the Maximum Compensation amount, the Infor Payroll application reduces the employer’s contribution used to calculate contributions to the limit, which does not affect the employee’s contribution.
- Compensation History Plan
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Specify the 4-character plan code to be used in tracking the year-to-date compensation history for each employee. This can be your former HRM plan name, the first 4 characters of your GHR plan name, or any 4-character code that you choose.
- EE After-Tax Deduction Code-Amount
- Specify the employee after-tax amount deduction code tied to the plan.
- EE After-Tax Deduction Code-Percent
- Specify the employee after-tax percent deduction code tied to the plan.
- EE Pre-Tax Deduction Code-Amount
- Specify the employee pre-tax amount deduction code tied to the plan.
- EE Pre-Tax Deduction Code-Percent
- Specify the employee pre-tax percent deduction code tied to the plan.
- EE RO After-Tax Deduction Code-Amount
- Specify the employee after-tax roll-over amount deduction code tied to the plan.
- EE RO After-Tax Deduction Code-Percent
- Specify the employee after-tax roll-over percent deduction tied to the plan.
- ER Deduction Code-Amount
- Specify the employer amount deduction tied to the plan.
- ER Deduction Code-Percent
- Specify the employer percent deduction tied to the plan.
- ER AfterTax Match Deduction Code-Amount
- Specify the employer after-tax match amount deduction code tied to the plan.
- ER AfterTax Match Deduction Code-Percent
- Specify the employer after-tax match percent deduction code tied to the plan.
- ER Pre-Tax Match Deduction Code-Amount
- Specify the employee after-tax amount deduction code tied to theSpecify the employer pre-tax match amount deduction code tied to the plan.
- ER Pre-Tax Match Deduction Code-Percent
- Specify the employer pre-tax match percent deduction code tied to the plan.
- ER RO After-Tax Deduction Code-Amount
- Specify the employer after-tax roll-over amount deduction code tied to the plan.
- ER RO After-Tax Deduction Code-Percent
- Specify the employer after-tax roll-over percent deduction code tied to the plan.
- Pay Class
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Select the pay class that determines each employee's covered compensation for the plan year. The application tracks covered compensation for comparison against the annual limits defined on Benefits Annual Limits (BN12.1). Covered compensation is not used to calculate contribution amounts.
If you leave this field blank, all compensation is included as an employee's covered compensation for the plan year.