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US PAY: Q211:120:CORRECTION TO 403B ELECTIVE DEFERRAL CATCHUP LIMIT"
Hi there!
We are on R12.0.8 HRMS. We noticed that the newly released "Second Quarter 2011 Statutory Patch Readme for Release 12.0.x (Patch 12564980:R12.PAY.A)" includes this bug fix:
Bug : Q211:120:CORRECTION TO 403B ELECTIVE DEFERRAL CATCHUP LIMIT
1. Description
The Value for this "Elective Deferral Catchup Limit" is $15,000 and it never
got changed. But incorrectly the amount was modified to $15,500 effective
from 01-Jan-2007. This needs to be corrected.
2. Resolution
The "Elective Deferral Catchup Limit" stored in FED_INFORMATION6 should be
made as $15,000 for all the 403B LIMITS records in PAY_US_FEDERAL_TAX_INFO_F
table
I see in the PAY_US_FEDERAL_TAX_INFO_F table that the effective date is from 01-Jan-07 to 31-Dec-07. If the bug fix is only updating this row, why do we need it now? I am aware that this might be a stupid question