Retirement Plans
- Manage deductions for long term care employees who have Maine State Retirement.
- Manage 401k contributions:
- Set Maximum Annual Contribution and Catch-up Limits.
- Calculate employee contribution and employer's match as a percent or flat rate per pay period.
- Allow the employee to make a Catch-Up contribution per pay period or as a lump sum now or when the employee has reached the 401k limit for the year.
- Set up a payroll deduction for employee to repay a 401k loan.
- Print and review 401k transactions before you create the electronic file you will submit to the investment company.
- If integrated with Accounts Payable (AP), when you post payroll each pay period, the system transfers the 401k deductions to the AP system, which prints and posts the transaction and creates an open invoice for the 401k vendor.
