401k compensation limit
I have an issue with the way our 401k plan is setup in oracle. Normally, a plan would use
calendar dates for the period start and stop, but ours does not. it runs Nov-oct. In saying this, Generally, plan
years are required to use the limits that are in effect as of the year in which
the plan year begins. For the 2016/2017 plan year, the compensation limit is
$265,000 which means the match limit should be $10,600 ($265,000 *
.04). For the upcoming plan year that begins 11/01/2017 –
10/31/2018, the compensation limit is $270,000, and the match limit will
be $10,800( $270,000*.04). How do I get this to work in our system.