3How can I override the IRS deferred compensation limits for individual employees?

There are cases when you need to override the IRS contribution limits, such as:

• An employee has changed companies.

• An employee has more than one type of deferred compensation plan.

• An employee is eligible for the 15 Years-of-Service rule.

• An employee is eligible for special 457 (b) catch-up contributions.

How you set the override depends on the kind of plan you're managing.

What you want to do	How you do it
Override limits for a 401 (k) plan for a specific employee	Use the Element Entries task to override limit values.
Override limits for a 403 (b) or 457 (b) plan for a specific employee	Open the person's Benefits and Pensions card for editing. Select the appropriate plan's component. Select Enterable Calculation Values on Calculation Cards, and click Create. Search for and select the appropriate override. Enter the override as a dollar amount, and click OK.

These overrides are available.

Override name	How you use it
Override IRS Annual Compensation Limit	Overrides these limits for base and employer-matching contributions. Eligible Compensation Annual Limit Eligible Compensation Annual Limit 403b
Override IRS Annual Limit Catch-Up	Overrides these limits. Deferred Compensation 403b Catch-Up Annual Limit Deferred Compensation 457 Catch-Up Annual Limit
Override IRS Employer Annual Compensation Limit	Overrides this limit for employer-matching contributions. Eligible Compensation Annual Limit 403b
Override IRS Employer Catch-Up Annual Compensation Limit	Overrides this limit for employer-matching catch-up contributions. Eligible Compensation Annual Limit 403b
Override IRS Limit	Overrides these limits. Deferred Compensation 401k Annual Limit Deferred Compensation 401k Catch Up Annual Limit Deferred Compensation 403b Annual Limit Deferred Compensation 457 Annual Limit For example, if an employee has been contributing to multiple plans, use the Override IRS Limit value for each plan. Change the individual values so their sum doesn't exceed the statutory maximum.

The default value of each of these overrides is $0.