does Oracle have a "tool" to create new catch up calc cards for employees aged 50 and older

in the US, the IRS requires employers to allow employees aged 50 and older to defer money beyond the current limit ($23,000) This is accomplished by setting up accounts (calc cards) for the catch up plan. For example; an employee has a calc card for their pre-tax 401 election of 6%; when the employee turns 50, we are required to create a pre-tax 401 catch up account with then same %.

Does Oracle have a process (fast formula) that can detect when an employee turns 50 and create the calc cards for the catch up account using the parameters already established

thanks

if i've posted this question in the wrong forum, please let me know.