Running the Identify Age 50 Extensions
Purpose: Use this document as a reference for how to run the Age 50 Extensions for 403b and 457 savings plans in ctcLink. Run this process separately for each limit type, ie: 457 and 402(g).
Audience: Benefits Administrator
Navigation: Main Menu > Benefits > Monitor Savings Pln Extensions > Identify Age 50 Extensions
Running the Age 50 Extensions
This process identifies and allows for those employees eligible for the 457 15 year catch-up, and the 403(b) age 50 extensions, to have the additional deduction limit of $6,000.00 added to their 457 and 403(b) plan. The 402(g) is the limit type for the 403(b) plan. This process should be ran prior to payroll processing.
NOTE: Run this process separately for each lilmit type, i.e., 402(g) and 457
- Enter the Run Control ID or select Add a New Value.
- Click Search.
- Enter the As of Date (this is the last day of the calendar year for which the Age 50 extension applies).
- Enter the Company or select from the search icon.
- Select the limit extension that you want to run.
- Enter the amount specified by the IRS.
- Select Run.
NOTE: You can run this on individual employees if needed but typically you will run it for the entire company.
- Go to the Process Monitor and select Refresh to see when the process has completed successfully.