BN - Savings Management Service Adjustment
Years worked in certain employee classes are ineligible for maximizing 403(b) contributions. These inelgible years must be subtracted from an employee's Life to Date and Year to Date service years for the 403(b) 15 year catch up.
Procedure At-a-GlanceCategory: Benefit Changes
Audience: Campus Benefits Administrator
Overarching Process: Savings Contribution Limit
Jump to Procedure Steps (below)
The University needs to enforce the Tax Sheltered Annuity program's annual limits determined by Internal Revenue Code (IRC) section 402(g) and 415(c). All employees eligible for the Tax Sheltered Annuity program can contribute up to the annual limit. Certain employees may also be eligible for two additional increase options based on years of service and age. Employees can be eligible for both increase options at the same time. For more information regarding annual contribution limits, please visit UWSA's benefits website at: http://www.uwsa.edu/ohrwd/benefits/
When an employee requests to maximize his or her contribution to the 403(b) plans, years of service must be reviewed prior to making any changes to their records. If any part of an employee's years of service was worked in the Empl_Classes of ET2, ET4, SA1, OT3, or OT4, then that time must be subtracted from his or her Life to Date and Year to Date service years on the savings management record. Conversely, an employee may need years of service added to his or her Life to Date and Year to Date service years on the savings management record.
- Click Workforce Administration link
- Click Job Information link
- Click Job Data link
- Enter the Empl_ID for the employee
- Click the Search button
6. Click the Job Information tab
7. Verify the Empl Class for this job for this employee (see ineligible empl classes listed above)
8. If the Empl Class is ineligible for counting toward service years, click the Employment Information link at the bottom of the page
9. Look at the Original Start Date field to determine the number of years the employee has held this position
NOTE: With the conversion of data from Legacy to PeopleSoft, all employees' First Start Date defaulted to 02/10/2011. DO NOT USE THIS DATE. You will need to do further research to verify the correct Original Start Date with the UW.
This same process can be used to determine if an employee was in an Empl Class that was eligible to count toward service years.
- Click Benefits link
- Click Enroll in Benefits link
- Click Savings Management link
- Enter the EmplID
- Click the Search button
6. Click 403(b) Adjust link for the calendar year to be updated
7. Select the Override Service Years Calc check box
8. Enter updated Service Years YTD (Year to Date) and/or
9. Enter updated Service Years LTD (Life to Date)
10.Click the OK button
|NOTE: The Wisconsin Deferred Compensation (WDC 457 Plan) plan has different annual limits. Please visit the WDC website for more information regarding those limits.|