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How to manage/set up 457 3 year catchup total contributions
Hello all.
Is there functionality or documentation on how to manage an employee's record for 457 3 year catchup? Currently we are managing this very manually. Is there a place, in the system, to enter the total amount that the employee is planning to contribute for catchup over the 3 years? And the system will manage that?
Example: An employee wants, and is allowed, to contribute $70,000 of def comp catchup over the next 3 years. The catchup deduction will take $26,500 systematically each year. But the third year, is only allowed to take 17,000. Does the system do this for us?
(26,500 - year 1 +26,500 - year 2 = 53,000. Now is only allowed to contribute catchup of 17,000 in year 3)