Identifying Savings Age Catch Up Extensions
This section provides an overview of the Savings Age Catch Up extensions and describes how to run the Savings Age Catch Up Extension process.
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Page Name |
Definition Name |
Usage |
|---|---|---|
|
BN_AGE50_RUNCTL |
You can run the process for multiple limit types at the same time. For each limit type, a single Age-Extend Limit extension record is produced for each year for each eligible employee in PeopleSoft Payroll for North America. The process changes the extension election by default. |
The Savings Age Catch Up Extension process produces four types of age catch up limit extension types. The process assumes that an eligible employee has elected the age limit extension. The election can be manually deselected on the Savings Management page.
Select the 402(g) option for 401(k) plans, 403(b) plans, or both. One record with Limit Type 402, Limit Extension Type B is produced for any employee in PeopleSoft Payroll for North America who reaches the age or more by the date specified on the run control.
Select the 415(c) option for 401(k) plans. One record with Limit Type 415, Limit Extension Type B is produced for any employee in PeopleSoft Payroll for North America who reaches the age or more by the date specified on the run control.
Select the 415(c) for 403(b) option for 403(b) plans. One record with Limit Type 415z, Limit Extension Type B is produced for any employee in PeopleSoft Payroll for North America who reaches the age or more by the date specified on the run control.
Select the 457 option for 457 plans. One record with Limit Type 457, Type B is produced for any employee in PeopleSoft Payroll for North America who reaches the age or more by the date specified on the run control.
The Identify Savings Age Catch Up Extension process:
Identifies the employees in PeopleSoft Payroll for North America who falls within the age range specified in the Limit Table.
Creates the Age-Extend Limit extension records based on the extension amount assigned to the age range defined for the selected limit type in the limit table. To know more on the limit types, see Setting Up Limits for Qualified Savings Plans. This process increases the Savings Plan limits for 402(g), 415(c), 415(c) for 403(b), 457, or all for the elective deferrals as authorized by IRS regulations. The limit extension records are displayed on the Limit Exceptions grid.
Always selects the Ext Election (extend election) field on the Limit Exceptions grid. This value can be reset manually.
Age-Extend Limit records can be added manually. For employees who are not eligible for a savings age catch-up extension, the added record can be used to enter either of the following override amounts:
402(g) limit amount override amount on the Age-Extend Limit 402(g) row.
457 limit amount override amount on the Age-Extend Limit 457 row.
To set up the savings age catch-up for an employee through the Savings Management table, enter the employee ID and add the extension limit (for example, $7500). Alternatively, run the Identify Age Catch Up Extension process for the appropriate annual cap expansion amount.
Use the Savings Age Catch Up Extension page (BN_AGE50_RUNCTL) to run the age catch up extension process for the specified limit types.
For each limit type, a single savings age catch up extension record is produced for each year for each eligible employee in PeopleSoft Payroll for North America. The process changes the extension election by default.
Navigation:
This example illustrates the fields and controls on the Savings Age Catch Up Extension page.
Field or Control |
Description |
|---|---|
As Of Date |
Enter the last day of the calendar year for which the age catch up extension applies. |
Limit Type |
Select the limit type extension that you want to run. Delivered options are 402(g) Limit, 415(c) Limit, 415(c) Limit for 403(b) plans, and 457 Limit. You can run multiple limit types at the same time and produce age extension records for each limit type. |