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Managing Eligible Earnings for multiple enterprise 401k Plans with just 1 applicable per person
Summary
Need to have balances for just one 401k plan's Eligible Earnings per person, even though we have multiple plans in our enterprise.Content
Our company has multiple 401k plans. For one of them, we are using a delivered balance definition for the eligible earnings, and for the others, we have created custom balances. The plans have similar, but not precisely the same definitions for eligible earnings, so as a result we have to maintain multiple balances for this.
When payroll processes, it calculates a balance for all 4 of the balances for all employees, and we currently have implemented a fast formula that runs during processing which identifies the plan in which the person participates, and it zeros out the other 3 balances.
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