How to rollover employer match for savings plan to a 2nd plan
On PeopleSoft 9.2 - Base Benefits. The employer match is up to 7% of eligible earnings (combined Before & After tax deductions). There is a annual $ limit for this match. Once that limit is met, the matching should still continue up to a 2nd annual limit. Canadian savings plans.
BSP (Before Tax Savings Plan) Election 5%
ASP (After Tax Savings Plan) Election 5%
OER (Original Employer Match) Up to 7% of eligible earnings to an annual maximum match of 17,695
EXM (Excess Employer Match) Total annual match = $25,000.( for match from 17,695 - 25,000)
No annual maximums on Employee contributions
For Example:
Eligible Earnings = 325,000
BSP = 325,000 * .05 = 16,250
ASP = 325,000 * .05 = 16,250
OER = 325,000 * .05 = 16,250 Ded Class Nontaxable Btax