burly
02-20-2002, 08:56 PM
The icon represents my long hours in trying with Peachtree and another support center in an attempt to calculate what should be quite simple:
Our 401K plan stipulates that all matches (EE/ER) be based on standard work hours/salary. If an employee has overtime or a bonus - this income cannot be used in the calculation for 401K. What needs to happen is when 401K contributions are calculated it needs to be based on Gross minus Overtime or Bonus. I cannot get this to work. Most companies I have worked with (including Peachtree) have all replied with "Why don't you calculate using total gross - with overtime/bonuses included?" Plan Administrators say this is quite common and in fact - for a sizable corporation - by reducing contributions by somewhat significant overtime/bonuses can reduce the expenses (benefits!) paid by the employer. So - does anyone have a clue how to get this application to jump through hoops for this need????
Any help is.... well.... to say the least very much appreciated :)
Our 401K plan stipulates that all matches (EE/ER) be based on standard work hours/salary. If an employee has overtime or a bonus - this income cannot be used in the calculation for 401K. What needs to happen is when 401K contributions are calculated it needs to be based on Gross minus Overtime or Bonus. I cannot get this to work. Most companies I have worked with (including Peachtree) have all replied with "Why don't you calculate using total gross - with overtime/bonuses included?" Plan Administrators say this is quite common and in fact - for a sizable corporation - by reducing contributions by somewhat significant overtime/bonuses can reduce the expenses (benefits!) paid by the employer. So - does anyone have a clue how to get this application to jump through hoops for this need????
Any help is.... well.... to say the least very much appreciated :)