Prebuilt HCM Report to audit employee’s 401K Contribution Limit
401K is a popular retirement saving plan provided by the employer which helps employees to save for their retirement years.
Every year, there is a contribution limit set for the 401K plan which will be deducted from the Employee’s payment. This deduction should be done as per the defined limit and any employee who has contributed over the limit should check these before their annual tax filing, failing which will invite penalties.
ReportDescription: DataTerrain’s Prebuilt report helps the Employer and the Employee to get quickly the list of employees who have contributed more than the limit set for a year.
This report can be run for a date range so that Users can view the contributions that occurred in a particular date range, generally for a financial year. Parameters available in the report are listed below:
• Effective Start Date/End Date
• Person Number
• Legal Employer
This report is available as a HCM Extract and BIP report. Based on User’s preference, it can be run from a Checklist or BI Publisher Catalog. Prebuilt HCM Report to audit employees 401K Contribution Limit
Output: The output data will have details regarding the person number, latest assignment number and status, Termination date, Sum of 401K Plan’s contribution percentage. The output format of this report is Excel and it can also be rendered as PDF/CSV.
Schedule: Payroll Team or even individual users can also schedule the report to get it delivered for each Quarter/Year and use it for their audit before their annual tax filing process.
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