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US PAY: FastFormula Modification for Employer Contribution on 401k Catchup
I need to modify 401k ER match fast formula - to allow employer 401k match on catchup 401k contribution. I am having difficulty modifying this formula:
Issue:
Employee has reached his 401k annual limit of $17000 mid of the year, his catchup contribution is still going say like $3500 (Annual catch up limit $5500).
Employer has a policy, that says will contribute ER portion, until 7% of the eligible compensation limit that is set by IRS as long as 401k or catch up EE contributions are being done.
The formula we have works, correctly as long as EE 401K contribution are done -however when the EE 401k contribution stops, and employee still continues to contribute to catchup, ER match doesnt calculate.
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