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Regular and Catchup 457 contrunition exceed during meeting the base contribution

in Payroll and Global Payroll Interface (GPI) 6 comments

Summary:

The employee base 457 limit is $22500. When an employee is over 50 years of age, they can contribute an additional $6,500 as a catch-up amount to the 457 catch-up plan.

We have an issue when the pay period during which they transition from the base contribution to the catch-up contribution is not functioning as expected.

Content (required):

Example:

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Assuming the employee is currently contributing a flat amount of $700 with each biweekly paycheck, allocated to both the 'base plan' and the 'catchup contribution' plan within the calculation card setup.

The employee catch-up processing rule is configured as 'Sequential.' This means that employees are expected to first contribute to the base limit of $22,500 and then commence the $6,500 catch-up contributions.

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