They do not believe you are capable of doing it correctly.
Percentage deferrals and contributions will not work without a Deferred Comp plan set up.
The customer asked them to.
All of the above.
You can create multiple Deferred Comp benefit types on the company level.
You can create multiple Deferred Comp plans from that one benefit type, but you shouldn't.
You may use multiple Deduction Codes on the same Deferred Comp Plan.
You may have multiple Matches (memo calcs) on the same Deferred Comp Plan.
All of the above are set up under Deferred Comp
Sometimes (depends on the client’s contract with the carrier).
During a personal financial emergency,
There really isn't a problem doing it.
It is just like setting up an HMO medical plan and a PPO medical plan under the Pre-tax Medical benefit type, so it is actually recommended to do it this way.
Do it only when you need to use multiple deduction codes including 401(k) loans.
If you do it, the EE CANNOT be enrolled in multiple plans under the same benefit types. The system kicks you out or terms one of the plans.
It is needed for eBN Carrier Connections
It is needed for COBRA
It is actually not required
The match codes will not work without it.
You must use a payment option of ACH Payment or Combined Check so the funds from all EEs will go together in a lump sum.
There is a concern with using the third party payee for a Deferred Comp plan that the funds will get to the carrier before the data and they will be rejected because the carrier does not know how to disburse them.
There is no pre-note ability with Third Party ACH payment, so you have to make sure you get the account number correct the first time.
When you put the Third Party in the Provider field, it will send the funds to the Deferred Comp carrier.
This is an example of an Eligible Wage Plan Match.
If an EE were to defer 2%, he would get 100% Match.
If an EE were to defer 10% he would get 25% match on the last 2 percent of his deferral.
This tiered match statement would not work. There are too many levels.
A default value goes on the Calculations Parameter tab on the deduction code and working in conjunction with the auto-enroll feature will automatically enroll any eligible person with this deferral percentage
The EE must have a default percentage on his enrollment record when he/she signs up
The HR Admin must go in and manually enroll every single person with the same deferral percentage.
You can only force the deferral. Any type of Match must be manually entered
Forced percentage enrollments need it.
Eligible Wage Plan matches need it.
A blank enrollment record is needed to make the straight deductions work.
All of the above.