Rayofsunshine Posted February 14, 2024 Posted February 14, 2024 not sure if we are the only ones that do this, but if a plan funds their safe harbor match or even a discretionary match on a payroll basis what's the easiest way to check it at the end of the year :). We have relius calculate it for some of our plans each payroll (match report sent etc.). We don't need to check those...however there are some plans where the HR or payroll company calculates, and we try to double check at the end of the year. Right now, we check each person, every payroll which is time consuming especially for large plans. Wondering if there's an easier way to do it on relius?
ratherbereading Posted February 14, 2024 Posted February 14, 2024 We don't check it unless the documents says it should be done on plan year comp and they are doing it each payroll. Rayofsunshine and Bill Presson 2 4 out of 3 people struggle with math
msmith Posted February 15, 2024 Posted February 15, 2024 I agree with @ratherbereading. If it is payroll period basis, I only look to make sure the amount has not violated the annual compensation limit. Other, we disclose that we are not responsible for the payroll period Match calculation. Rayofsunshine, Bird and Bill Presson 3
Bri Posted February 16, 2024 Posted February 16, 2024 I'd make sure nobody's match amount exceeded the amount a annual formula would have come up with, too. If it's 50 on 4 every week, how did this one guy end up with 2.05% for the whole year - that kind of thing... Rayofsunshine and Bill Presson 2
JohnSett Posted May 9, 2024 Posted May 9, 2024 In Plan Specs, change the basis for match to YTD minus prior contributions. Then post a match contribution as of year end. Relius will calculate the match for EEs who are under the calculated amount but will not reduce anyone who was over the calculated amount for the year. Rayofsunshine 1
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