This page (revision-15) was last changed on 26-Nov-2021 10:22 by jescott

This page was created on 26-Nov-2021 10:22 by jmyers

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Page References

Incoming links Outgoing links
US BENEFIT TYPES
US BENEFIT TYPES

Version management

Difference between version and

At line 135 changed one line
For Vertex users who are converting to Symmetry, there are two options to set up Benefit PC Usages.
For Vertex users who are converting to Symmetry, it is advised to switch to using the new 7901 to7979 series or the 7801+ series, instead of the original Vertex PC list above.
At line 137 changed 2 lines
;Option 1:Retain PC usages 6053 to 6657 as above to support 125 and 401K plan exemptions\\[UPCALC] will use these PC Usages to calculate 125 and 401K exemptions for tax calculation.\\ \\
;Option 2:Set up Benefit PC Usages 7901 to 7979 for 125, 401K, 403B, 457 etc.\\If the first Benefit PC Usage 7901 is set up, this means the entire set of PC Usages 7901 to 7979 will replace PC Usages 6053 to 6657\\[UPCALC] will ignore the old PC Usages 6053 to 6657 set up.
If the Benefit PC Usage 7901 or 7902 is set up, this means the entire set of PC Usages 7901 to 7979 will replace PC Usages 6053 to 6657. UPCALC will ignore the old PC Usages 6053 to 6657 set up
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%%information It is advised that you switch to using the new Symmetry Benefit types if your company offers a variety of the plan exemptions that were originally housed together in the 401k type element (ie: 401K & 457). This is advised since Symmetry requires the [UPCALC] to pass in the CTD and YTD value for each of the benefit types supported.\\ \\If you continue to use the Vertex method and have an employee who has both a 401K and 457 for example, if the 401k element YTD reaches the annual contribution limit for 401K, the employee's Federal and State earnings will no longer be reduced by the 401k and 457 amounts as the system will think the employee has reached the 401K annual limit when in fact they haven't.%%
It is advised that you switch to using the new Symmetry Benefit Types if your company offers a variety of the plan exemptions that were originally housed together in the 401k type element (ie: 401K & 457). This is advised since Symmetry requires the UPCALC to pass in the CTD and YTD value for each of the benefit types supported. If you continue to use the Vertex method and have an employee who has both a 401K and 457 for example, if the 401k element YTD reaches the annual contribution limit for 401K, the employee’s Federal and State earnings will no longer be reduced by the 401k and 457 amounts as the system will think the employee has reached the 401K annual limit when in fact he/she hasn’t
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Available User Fields to define the Pre-Tax Criteria are:
*US Pre-Tax Federal Exemption\\
*US Pre-Tax FICA Exemption\\
*US Pre-Tax Medicare Exemption\\
*US Pre-Tax State Exemption\\
*US Pre-Tax SUI Exemption\\
*US Pre-Tax SDI Exemption\\
*US Pre-Tax Local Exemption
This page (revision-15) was last changed on 26-Nov-2021 10:22 by jescottTop