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Page References

Incoming links Outgoing links
US BENEFIT TYPES
US BENEFIT TYPES

Version management

Difference between version and

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For Vertex users who are converting to Symmetry, there are 2 options to set up Benefit PC Usages.
For Vertex users who are converting to Symmetry, there are two options to set up Benefit PC Usages.
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(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 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.
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(2) - set up Benefit PC Usages 7901 to 7979 for 125, 401K, 403B, 457 etc
%%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.%%
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- 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
For Symmetry users or converted users, if a particular Benefit Type is to be used, you should set up a Pay Component on IPPC with the PC Usage as defined above.
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- UPCALC will ignore the old PC Usages 6053 to 6657 set up
If the Benefit Type is made up by an element, then specify the Element name. (e.g. 125 Regular - proration logic here.)
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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.
On [IPPC], you can optionally turn ON the 'Store Results' toggle to store the amounts on 'Pay Amounts' tab. This pay component will be stored on IPPH 'Pay Jurisdiction' tab regardless of the 'Store Results' toggle.
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For Symmetry users or converted users, if a particular Benefit Type is to be used, user should set up a Pay Component on IPPC with the PC Usage as defined above.
!!Benefit PC Usages – Symmetry User Set Up
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On IPPC, user can optionally turn ON the ‘Store Results’ toggle to store the amounts on ‘Pay Amounts’ Tab. The Pay Component amount will always be stored on IPPH ‘Pay Jurisdiction’ Tab regardless of the ‘Store Results’ toggle.
5 Benefit PC Usages – Symmetry User Set Up
!Federal Level – 9 Pre-defined Benefits
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5.1 Federal Level – 9 Pre-defined Benefits
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!State Level – 9 Pre-defined Benefits
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5.2 State Level – 9 Pre-defined Benefits
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5.3 Benefit PC Usages – IPPC Pre-Tax Criteria Override
!Benefit PC Usages – IPPC Pre-Tax Criteria Override
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!Benefit Element – for All States
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5.4 Benefit Element – for All States
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5.5 Benefit Element - Varies by States
!Benefit Element - Varies by States
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5.6 Benefit Element – IPPE Pre-Tax Criteria Override
!Benefit Element – IPPE Pre-Tax Criteria Override
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![Notes|Edit:Internal.US BENEFIT TYPES]
[{InsertPage page='Internal.US BENEFIT TYPES' default='Click to create a new notes page'}]
This page (revision-15) was last changed on 26-Nov-2021 10:22 by jescottTop