1What deferred compensation plans are available for the US?
You can support a variety of deferred compensation plans for your employees.
Plan type |
To define elements for this plan type |
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401 (k) |
Using the Elements task, define an element with the Pretax Deductions primary element classification and Deferred Compensation 401k secondary element classification. During element definition, you can elect to set up a variety of additional contribution types.
You can also define after-tax and Roth contributions manually as described below. |
After-Tax 401 (k) |
The element template provides the option to define after-tax contributions during the base element definition. You can also manually define this contribution type. Using the Elements task, select the Voluntary Deductions primary element classification and Pension Plan After Tax secondary element classification. Using this method, you can elect to set up employer-match contributions for this plan. |
Roth 401 (k) |
The element template provides the option to define Roth contributions during the base element definition. You can also manually define this contribution type. Using the Elements task, select the Voluntary Deductions primary element classification and Deferred Compensation 401k Roth secondary element classification. During element definition, you can elect to set up a variety of additional contribution types.
|
403 (b) |
For the base contribution, define an element with the Pretax Deductions primary classification and Deferred Compensation 403b secondary classification. To define employer-match and catch-up contributions, use the person's Benefits and Pensions card. |
After-Tax 403 (b) |
Define an element with the Voluntary Deductions primary classification and Pension Plan After Tax 403b secondary classification. To define employer-match contributions, use the person's Benefits and Pensions card. |
Roth 403 (b) |
Define an element with the Voluntary Deductions primary classification and Pension Plan After Tax 403b secondary classification. To define catch-up and employer-match up contributions, use the person's Benefits and Pensions card. |
457 (b) |
For the base contribution, define an element with the Pretax Deductions primary classification and Deferred Compensation 457 secondary classification. To define employer-match and catch-up contributions, use the person's Benefits and Pensions card. |
After-Tax 457 (b) |
Define an element with the Voluntary Deductions primary classification and Pension Plan After Tax 457 secondary classification. To define employer-match contributions, use the person's Benefits and Pensions card. |
Roth 457 (b) |
Define an element with the Voluntary Deductions primary classification and Pension Plan After Tax 457 secondary classification. To define catch-up and employer-match up contributions, use the person's Benefits and Pensions card. |