Category//Setup and configuration//Users//Preferences
Author:
sageadmin
How to manually update benefit limits
Description
Cause
Resolution
NOTE:
The limits in this article are examples; to obtain the correct limits for your retirement plan(s), please visit the IRS's website listed in the Additional Information section or contact your plan provider.
Click File, Payroll Formulas, User-Maintained...
Select the current year formula for the benefit being updated from the Formula ID drop-down list (for example, 401K EE 13).
To change the catchup limit, edit CLIMIT=; for example, CLIMIT=23500 becomes CLIMIT=23000.
To change the standard limit, edit LIMIT=; for example, LIMIT=2000 becomes LIMIT=2500.
Click Save.
If you have multiple retirement plans, or retirement plans to which both the employee and company contribute, repeat Steps 2-5 to update their limits as needed.