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Sequential 401(k) Catch-up Deferrals
Summary
Sequential 401(k) Catch-up DeferralsContent
If you set-up 401(k) catch-up deferrals to be sequential, is there a way to program the system to only take the pre-tax deferral amount during the pay in which they transition from pre-tax deferrals to pre-tax catch-up deferrals?
(E.g. if an employee age 50 or older elects a 50% deferral percentage. We are experiencing that on one pay they reach $18,000 by taking 40% of their pay and then the system turns on catch-up contributions and tries to take another 50% for a total deferral of 90%. Is there a way to take 40% pre-tax and 10% catch-up without any manual intervention?)
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