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Reply from Carey Vogt on Oct 7 at 3:57 PM Does SAP function allow you to have pre-tax and ROTH (post-tax) configured under the same savings plan?
The system allowed me to configure both pre-tax and post-tax wage types under the one savings plan. It also allows me to enter a % contribution for both pre-tax and after-tax in one Master data record.
When I run payroll, both WTs are deducted and even recognizes the limits, depending on the age of the employee.......{the system is combining pre-tax and after-tax amounts - - comparing to 2014 limit 17,500 and then even processes the catch-up limit 5,500}
**BUT - - the system is only recognizing the catch-up limit if ......it is processing either just pre-tax or both pre and post.
When I enter only post-tax contrib % in MD, it will only go to the regular limit of 17,500.
Am I wasting time trying to get this to work? Do I have to create two different savings plans? And if so, does the system still combined the amounts; considering the catch-up up to 23,000?
Any help is greatly appreciated !!!!! I am really struggling?
Carey
| | | ---------------Original Message---------------
From: clappes
Sent: Wednesday, October 01, 2014 11:09 AM
Subject: SAP 401k and Roth With Combined Catch Up Account Value Of 5500
SAP have 401k and Roth set up with a catch up account value of 5500. When the regular limit is hit the only catch up that is being taken is the 401K how do we get the Roth to also take catch up amount? |
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