Step 7: Setting Up the Benefit
We are now ready to create the benefit that we will push to Payroll. "401K" is already established in the DEMO company as a benefit. You can either modify the existing benefit or create a new 401K benefit with a new ID. We will create a new "401K2" benefit below.
- Go to Human Resources / Maintain / Benefits
- Enter a new Benefit ID of "401K2" and hit tab to create the new benefit
- Complete all required fields (Effective Date, End Date, Description, Benefit Type) and any other valid field like Provider ID and Policy #
- Assign this Benefit to the Payroll Benefit established in Step 1. If you have already setup a 401k benefit under a different name, choose that Payroll feature here
- Look for the Company Participation section at the bottom right of the screen. Choose Rate Table and click on "Enter Rate Tables". Choose the "401KM - 401K Matching" table established above.
- Review Eligibility rules (if applicable)
- Save the 401K2 Benefit