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Content Type: ASC_Announcements
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Date5/4/2012
AnnouncementNew Roth Post-Tax Savings Plan and Name Changes Announced
Description

Beginning with pay period 10 of 2012, the new 457 Diamond ROTH post-tax savings plan is available for enrollment using transactions HRBEN0001 (Enrollment) or PA30 (Maintain HR Master Data). 

 

Here are the wage types associated with the new plan:

 

·         Wage type 2144 (Diamond ROTH after-tax) reflects the regular deductions. 

·         Wage type 2944 [DiamondSPCAT (special catch-up after-tax)] reflects deductions for those employees who are 50 years of age or older.  For these employees, deductions continue beyond the regular contribution limit of $17,000 until the additional $5,500 has been reached. 

·         Wage type 2944 [DiamondSPCAT (special catch-up after-tax)] is also used for those employees who are within three years of normal retirement age.  This wage type must be entered on IT0014 (Recurring Payments/Deductions) for the 2012 special catch-up contribution limit approved by ING.  This is the current business process for the 457 Diamond pre-tax special catch-up contribution.

 

Here are the name changes for the current 457 Diamond pre-tax plan and associated wage types:

 

·         The name of the IT0169 savings plan changes from 457 Citistreet to 457 Diamond Pre-Tax.

·         The name of wage type 2042 changes from 457 CitiStreet Def Comp to Diamond Pre-Tax.

·         The name of wage type 2923 changes from Citistreet 457 <3yrs to DiamondSPCPT (special catch-up pre-tax).  This wage type reflects any deductions for those employees who are 50 years of age or older.  This wage type also reflects deductions entered on IT0014 for employees who are within three years of normal retirement age and have ING approval.

The wage type 2922 (> or = to 50 years of age) is being replaced by wage type 2923 (DiamondSPCPT).