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Reply from JG-SAPHR on Oct 3 at 11:08 PM 1. The company may have its own plan of investing the savings received; or it may hand over the money to a 3rd party. Options may be available for the employee re: where/how the savings need be invested.
2. Correspondingly, there may be sub types of savings plan. Vendors are set up.
Processes to transfer monies to the vendor
3. Deduction w/t's and balance w/t's interest w/t's may be required. How is the deduction processed, is it as a percentage of gross pay or a fixed amt per period?
Normally it should be through payroll; deduction priority, how to deal with insufficient pay available for a given dedn amt; when retro payroll happens with a change in previous period salary how is the previous dedn amt dealt with?
4. Reporting needs - for a 3rd party vendor, the reporting may be less; yet legal requirements may be dealt with.
For company invested savings, all the fiduciary requirements as in the case of 401k or other savings, a trust may be set up to handle savings.
Discuss with your business experts in this area before going ahead with the processes. DO NOT ASSUME.
| | | ---------------Original Message---------------
From: PAYROLL_PERSON
Sent: Friday, October 03, 2014 8:55 AM
Subject: SAP Savings 169 - Pay Back Employee
Once a savings is set up and you start collecting the money from the employee - what process do you use to track the employees account balance and pay back the employee if they request a withdrawal? |
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