BN18.7 - Match Percent Schedule
Use Match Percent Schedule (BN18.7) to define contributions for a plan
in which employees contribute a percent or an amount that the companymatches.
Use this form only if the Contribution Type field is Match Percent Schedule
in BN15.1 (Benefit Plan) for the plan. This form is not valid for COBRAparticipant
and retiree contributions.
**Processing Effect
The company match is calculated as a percentage of the employee's contribution
and can be fixed or cumulative. If the match calculation is fixed, the company
match directly corresponds to the percent of the employee's contribution.
If the match is cumulative, the company match varies by incremental percents.
The company match varies as the employee's contribution percent increases.
For example:
A plan matches 50 percent of employee contributions from one percent
up to four percent and 25 percent of employee contributions from five percent
up to 10 percent.
If the match calculation is fixed and an employee contributes three
percent, the company match is 1.5 (0.5 * 3). If the employee contributes seven
percent, the company match is 1.75 (0.25 * 7).
If the match calculation is cumulative and an employee contributes three
percent, the company match is 1.5 (0.5 * 3). If the employee contributes seven
percent, the company match is 50 percent of the first four percent and 25
percent of the next three percent, or 2.75 percent (0.5 * 4 + 0.25 * 3).
Any amounts on this form use the currency associated with the plan on
BN15.1 (Benefit Plan).
| Updated Files |
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| BNPRMOPT |
- No Description Available. |
| CONTRDETL |
- No Description Available. |
| PREMIUM |
- No Description Available. |
File created: Thu Jun 09 11:10:18 2016
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