One-time Deferral Change to Savings Plan

Trigger:

Shared Service Center receives a One-time Deferral Rate Change form.

Business Process Procedure Overview

 

The Service Center receives a one-time deferral rate change form from an employee requesting to change their regular contribution amount or percentage for one payroll cycle only.  This option is available for the NC 401k plan, NC 401kRoth plan, and the 403(b) plans.

 

NC401k & NC401k Roth participants will submit the NC401k One-Time Deferral Rate Change form available on the 401k Member's website.  Participants with a 403(b) will submit the internal 403(b) Salary Reduction Agreement form.

 

The Benefits Administrator will process this form by using the PA30 transaction and the "copy" function. During the copying function, the Benefit Administrator will need to change both the Start Date and the To Date (end date) for the payroll cycle the employee has elected.  It is important to note the To Date must be changed to the last day of the payroll cycle to ensure the prior contribution resumes the following payroll cycle.  After saving the record, verify the function was performed correctly by looking for the following message in the bottom Status Bar, "Record exists xx/xx/xxxx - 12/31/9999, and is split."

 

One-time deferral is not available for participants of the 457 Deferred Compensation plan.

 

 

 

Access Transaction:

 

Via Menu Path

SAP menu >> Human Resources >> Personnel Management >> Administration >> HR Master Data >> PA30 - Maintain

Via Transaction Code

PA30

 

 

 

Procedure:

 

SAP Easy Access

1. Click PA30 - Maintain .

Maintain HR Master Data

2. Click button.

3. Click the Search Term item.

Find Person

4. Update the following required and optional fields:

Field Name

Description

R/O/C

Values

With name

Any part of the organizational unit's name to locate.

R

Enter value in With name.

Example: Employee's Last name followed by an *. For example Benefits*

5. Click Find button.

Maintain HR Master Data

6. Click the appropriate Personnel number in the Hit List column dropdown.

Maintain HR Master Data

Maintain HR Master Data

7. Click Savings Plans button.

8. Click Overview (Shift+F8) button.

List Savings Plans (0169)

9. Select the row.

Information:  Select the Plan for which the employee is making the one-time deferral, with the 12/31/9999 End Date.

10. Click Copy (Shift+F9) button.

Copy Savings Plans (0169)

11. Update the following required and optional fields:

Field Name

Description

R/O/C

Values

Start

Beginning date of the specified date range

R

Enter value in Start.

Example: 10/01/2007

to

Ending date of the specified date range

R

Enter value in to.

Example: 10/31/2007

Critical:  Verify the "To" date (End Date) has been upated with the last day of the paycycle.  It is critical that both the "Start" Date and the "To" Date (end date) are changed when processing a one-time deferral.  If the "To" Date is not entered as the last day of the paycycle the employee has elected, the plan will not restart the following month for the regular contribution amount.

12. Click Regular contrib. tab.

Copy Savings Plans (0169)

13. Update the following required and optional fields:

Field Name

Description

R/O/C

Values

Amount

Amount of deduction or payment

R

Enter value in Amount.

Example: 1000.00

14. Press ENTER.

15. Click Status Bar .

Copy Savings Plans (0169)

16. Click Save (Ctrl+S) button.

Maintain HR Master Data

17. Click Exit (Shift+F3) button.

18. The system task is complete.