Understanding Savings Plan Management
The Savings Management (SAVINGS_PLANS) component enables the user to review, override, and extend government regulated limits for qualified savings plans. The Manage Base Benefits business process provides the following limit extensions and adjustments.
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402(g) 15-year catch-up extension for 403(b) plans.
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457 3-Yr catch-up extension for 457 eligible governmental plans.
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402(g) Age-50 extension for 401(k) and 403(b) plans.
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457 Age-50 extension for 457 eligible governmental plans.
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401(a) eligible earnings adjustment for 401(k), 403(b), and 457 plans.
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402(g) hardship withdrawal limit reduction.
The following diagram illustrates the process flow for managing savings plans from calculating 403(b) and 457 extensions and identifying age-50 extensions:
For additional information, see:
Understanding the Core Tables for PeopleSoft Manage Base Benefits