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Deferred Comp - 27 Pay Periods & set limits

edited Sep 5, 2020 12:10AM in Benefits 1 comment

Summary

How to apply deferred comp contribution to 27 pay periods

Content

We have 27 pay periods in 2020 which means that the per pay period deferred compensation deduction for employees should be applied to all 27 pay periods, rather than the typical 26.  Does anyone have an understanding on how to make this switch?  Also, we are hoping that if an employee reaches the IRS limits anytime within the year that Oracle has the ability to automatically turn off further deferred comp deductions for employees until the next calendar year begins.  Any insight on how to make these happen would be greatly appreciated. Thank you!

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