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Need to change 401k Employer Match

edited Oct 28, 2020 12:00PM in Payroll and Global Payroll Interface (GPI) 8 comments

Summary

Need to change 401k Employer Match to be equal to employee contribution

Content

Hi everyone,

Currently our 401k Employer match is half of the employee contribution. (for e.g.: If an employee contributes 6%, then the employer match is 3%). Now they would like to change the Employer Match to be equal to employee contribution (i.e. If the employee contributes 6%, then the employer match should also be 6% and it should stop at $19,500). Currently, the maximum limit of 401k employee contribution is $19500 and we want the employer match also to stop at $19500.

Can anyone please let us know what is best way to achieve this in Oracle HCM Cloud.

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