Setting Up Deferred Compensation
These step-by-step instructions take you through the necessary procedures for setting up a deferred compensation plan in Costpoint.
These steps must be done only once for each plan. You must add all existing plans at the time you install Costpoint Human Resources. You can add additional plans as necessary in the future by following the same steps. We recommend that read the individual sections in the manual for each of the screens mentioned.
- Related Topics:
- Step 1 Create the Payroll Deduction Code
Use the Manage Deductions screen to establish company-wide deductions and contributions. - Step 2 Enter Payroll Deductions
Next, complete the Manage Employee Deductions screen. - Step 3 Enter Payroll Contributions
For the third step, complete the Manage Employee Contributions screen. - Step 4 Enter Plan Settings (HR Core)
Use the Manage Deferred Compensation Plans screen in the Deferred Compensation Admin module to enter the plan entrance information, vesting schedule, and general information that the system uses to calculate data and produce reports. - Step 5 Enter Plan Tax Information (HR Core)
Use Plan Tax Information subtask of the Manage Deferred Compensation Plans screen in the Deferred Compensation Admin module to enter the limits for discrimination testing. - Step 6 Enter Deduction Code Assignment (HR Core)
Use the Manage Deferred Compensation Deductions screen to link deduction and contribution codes from Step 1, which you enter in the Deduction Source Code and Contribution Source Code columns, respectively, with the plan code from Step 4, which you enter in the Deferred Compensation Plan field column. - Mass Update Utilities
In Employee module, under the Employee Payroll Information menu, use the Update Employee Deductions/Contributions screen in the Deferred Compensation Admin module to update each employee's record with new values from the company-wide Manage Deductions screen.
Parent Topic: Related Topics