The Matching Schedule allows you to enter matching records for Plan/Coverage Code combinations by period ending date. Matching schedules are typically used with pension plans that have a Roth or 401K feature.
Basically, the employee's contribution percent and the employer's percent of contribution are used together to compute the total amount contributed to the employee's plan(s).
In the example demonstrated in the table and screen below, the employer will contribute 50% of the employee's deferral on the first 3% deferred, and 100% of the next 3%. Therefore, if an employee elects to contribute 6% or more of their gross, the employer will contribute 4.5%. The match can be combined with several plans to determine limits, such as combining 401K Plan and Roth contributions before calculating the matching percentage.
Plan | Coverage Code | period ending date | Contribution Percent | Percent of Contribution | Inactive |
Life | Basic | 1/1/2009 | 3.0000% | 50.0000% |
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Life | Basic | 1/1/2009 | 6.0000% | 100.0000% |
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Screenshot: Update Matching schedule
