Enhanced Retiremed Plan Feature Video
Do your retirement plans have a tiered employer match catch-up provisions or a shared contribution limit with another plan? Do you have employees over age 50 that want to utilize catch-up? Do you manually track contribution maximums when an employee is enrolled in multiple plans? How does your company calculate your tiered employer match? Does your company offer both traditional and Roth retirement contribution options? Are you changing deduction codes to enable additional contributions under the catch-up provision?
Organizations that offer benefits like 401k or 403b plans can benefit from Enhanced Retirement Plans from Integrity Data when they need the ability to calculate maximum contributions across multiple deferred compensation and/or Roth plans, Support the catch-up maximum contributions within the same plan or offer employer matched contributions based on tiers.
An organization can group a set of retirement codes that share the maximum annual limit including the additional limit and age requirements for the catch-up provision when payroll is calculated, the maximums are enforced. A tiered matching benefit can be quickly assigned to a retirement code that will automatically calculate the benefit during payroll calculation. Enhanced Retirement Plans works with the payroll module alone or the HR and payroll modules together. Here is an example of how Enhanced Retirement Plans could be used. Fabrikam has updated their retirement plan for the next year. They have added another investment company to its 401k plan. Tthey also added the option to enroll in Roth 401k this year. Fabrikam will now match employee deductions at 100% for the first 3% and 50% from 3% to 5%.
Claire, the HR payroll manager, quickly adds the three new codes to Fabrikam's retirement plan in the retirement plan setup window and Human Resources a Roth code for their existing investment company. A new traditional code for investment company b and then a Roth code for investment company b. During the process
Dynamics GP creates the payroll deduction setup codes and benefits setup codes. To which Claire assigns a start date, checks the appropriate tax sheltered checkboxes and adds the other deduction and benefit information that payroll needs. Now that Claire has the retirement codes and descriptions set up in HR and payroll; from the retirement plan setup window in human resources, she first assigns the tiered employer matching percents in the employer benefit variable matching window. Claire checks the enabled benefit matching checkbox and then divides percentages for the from and to range and the percent benefit match.
Once she completes the variable matching task for each retirement code she opens the retirement contribution setup window to group the codes and assign the shared maximum amount catch-up maximum amount and catch-up minimum age.
Today Claire, the HR payroll manager, is notified that Howard the IT network specialist has enrolled in multiple 401k plans both traditional and Roth from the two investment companies that Fabrikam now uses for their retirement plans. Claire and enrolls Howard in each of the retirement plans in the retirement plans enrollment window setting up the needed information.
When Claire saves the enrollment she indicates that Howard will also be contributing to retirement catch-up. Dynamics GP automatically creates the payroll employee deduction information for Howard and his payroll employee benefit information. At any time Claire can verify that the catch-up maximum is enabled for Howard from the retirement catch-up window off the employee maintenance window.
After Claire runs the build process, she can view Howard's benefits and deductions on the check file report. Likewise, when she calculates the checks Claire can view Howard's benefits and deductions calculation amounts on the calculate checks report.
With Enhanced Retirement Plans from Integrity Data, Claire can assign a tiered employer match to a retirement plan setup and Dynamics GP will automatically calculate the correct benefit amounts. Enable the retirement catch up for an employee that meets the age requirement rules by simply answering yes to a prompt or checking a checkbox. Be confident that IRS maximums are enforced across multiple plans and catch up amounts are included when needed. Save time during enrollment or when making changes because Dynamics GP will automatically apply your retirement settings to the employee process payroll with ease and be confident that employee deductions and employer benefits are accurately applied.