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US PAY: Has anyone set up more than one 401k plan?
We currently have 3 plans and will be expanding to 5 plans. We currently have 3 sets of elements but use fast formulas to determine IRS limits for contributions and employer match between the plans. Since we have to add 2 more now and possibly additional ones in the future, we are wondering about the best approach for this.
One suggestion is to use one main set of elements with a plan identifier that determines the contribution and ER percentages. Another suggestion is to add 2 new sets of elements. Since an associate can move from one plan to another during the plan year, we need to make sure no limits are exceeded.
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