Configure Employer-Match Fast Formula for Qualified Student Loan Payments

When you define the employer-match element, the template creates a fast formula for it at your legislative data group (LDG) level. You need to edit this formula to reflect the correct plan type, 401 (k), 403 (b), or 457 (b).

1. Start the Fast Formulas task.

2. Search for the employer-match formula associated with the pretax deductions element you created.

   It's named ER_MATCH_CALCULATOR_FORMULA, prefixed with the name of your element.

3. Select Edit.

4. Scroll to line 32.

5. Insert one these commands into line 32, based on the type of plan.

   Plan type	Command
   401 (k)	SET_INPUT ('student_loan', '401k')
   403 (b)	SET_INPUT ('student_loan', '403b')
   457 (b)	SET_INPUT ('student_loan', '457')

   For example, your 401 (k) formula would look like this.

   30
   31   l_dummy =PAY_INTERNAL_LOG_WRITE('Separate Tax Code : ' || l_sep_taxcode)
   32   SET_INPUT ('student_loan',  '401k')
   33   EXECUTE('US_PRETAX_401K_ER_MATCH_CALCULATOR')

6. Select Submit and then Compile.