We’re in the setup phase of our implementation and working through our Safe Harbor match configuration.
Our formula is:
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100% match on the first 2%
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50% match on the next 4%
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Total match not to exceed 6% of eligible compensation
Some employees will elect a flat dollar contribution, and their weekly pay varies.
Has anyone configured this type of Safe Harbor match where the employee deferral is a flat amount instead of a percentage? If so:
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How did you structure the deduction and match calculation?
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Did the system correctly calculate the tiered match each payroll based on that week’s eligible compensation?
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Any issues with caps or special scenarios we should plan for during setup?
Appreciate any insight from those who’ve already been through this.