Help - Search - Members - Calendar
Full Version: Running a New Comp plan in Quantech
BenefitsLink Message Boards > Product User Groups (Unofficial) > Relius Administration (Quantech) Users
agriffith
Our firm is fairly new to Quantech. This is our first time with them for the end of year. I have already asked Quantech about Safe Harbor plans and they said they don't have the ability to run them yet, does anyone know how to run a New Comp Plan where the Employer contribution is based on different classes?
rcline46
Make your groups divisions in q, then allocate by division. Don't forget to do your testing!
Richard Anderson
Set up different divisions for the employer in the employer screen. For example define one division as HCEs and another division as NHCEs.

Then each employee will be assigned to a division by whatever method you enter census data (manual entry, DER, ect.) The division is part of Status and service screen in census.

Then Quantech allows you to allocate contributions by division. You can give 3% or 5% or whatever to the NHCE division and Quantech allocates that to only the employees coded as in the NHCE division. You can also allocate a dollar contribution instead of a % of comp. Then allocate whatever you want to any other division that you have set up, such as $30,000 or 15% to the HCE division.

You can name the divisions whatever you want; owner, HCE, manager, NHCE, attorney, physician, nurse, ect.

I don't know if there is a limit on the number of divisions that Quantech will accept; 5 or 6 is the most I have used.
agriffith
THANK YOU!!
Tom Poje
you can have lots and lots of divisions so that shouldn't be a problem.
be careful when testing safe harbor plans. you are not allowed to impute disparity on the 3% safe harbor piece, but Qtech will.
I think you can confuse the system and set up 2 employer accounts - 1 subject to vesting and 1 fully vested (for the safe harbor non elective) then when you run the transaction specify the account you want it to go to. This assumes no investment choices
If nondiscrim testing is not involved, I suppose you could make the source on the safe harbor be a QNEC account instead.
Tom Poje
I should have added I have about 20 pages of notes or so dealing with Qtech and nondiscrim, the dos and donts, where the numbers come from etc. I can email the word file if you are interested.
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please click here.
Invision Power Board © 2001-2009 Invision Power Services, Inc.