DNU - Running the Savings Age Catch Up Extension (formerly know as 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.
Audience: Benefits Administrator
You must have at least one of these local college managed security roles:
- ZC Benefits Enrollments
If you need assistance with the above security roles, please contact your local college supervisor or IT Admin to request role access.
The Savings Age Catch Up Extension process identifies the employees who are age 50 or more and it creates Age-50 limit extension records that increase the 402(g) Savings Plan limits, the 457 Savings Plan limits, or both for elective deferrals as authorized by IRS regulations.
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 $xxxx.xx added to their 457 and 403(b) plan - Verify limit amounts with IRS. The 402(g) is the limit type for the 403(b) plan.
This process should be run prior to payroll processing.
Running the Savings Age Catch Up Extension
Navigation: Benefits > Monitor Savings Pln Extensions > Savings Age Catch Up Extension
- The Savings Age Catch Up Extension run control ID search page displays.
- If you have run this process or report in the past, select the Find an Existing Value tab to enter an existing Run Control ID and click the Search button. If this is the first time running this process or report, select the Add a New Value tab to create a new Run Control ID and click the Add button.
- NOTE: It is important to note that Run Control IDs cannot be deleted. Do not include spaces in your Run Control. We encourage the Run Control ID to have the same process naming convention but unique to the step; because of this, including your institution code and a short process description in the Run Control ID is recommended--e.g., WA220_ADM_FYR_5 (Institution, Process).
- The Savings Age Catch Up Extension page displays.
- Enter the As of Date (pay period end date, i.e. the 15th/Last of the month, which is also the day the process should be run, ideally).
- Enter the Company or select from the search icon.
- Enter the Empl ID if needed.
NOTE: You can run this on individual employees if needed but typically you will run it for the entire company.
- Within the Limit Type Extension, select the following two Limit Types: 402(g) Limit and 457 Limit.
- Add the first limit type by using the drop-down menu and selecting 402(g) Limit.
- Add a New Row by selecting the [+] icon.
- In the new row, again click the drop-down menu and select 457 Limit. - Select the Run button.
By selecting Run, the system automatically saves your Run Control and Report Request Parameters.
However, if you are not able to run the process now, you can select the Save button to capture the information entered so far. When it is time to run the process, use the Find an Existing Value in the search page.
- Select OK at the following warning message: Warning - Verify the latest Age Limit Extension Amounts on the Limit Table, (3000, 179).
NOTE: Annual Cap Expansion amounts are now accessed and applied directly from the Limit Table which is maintained by SBCTC Central Payroll.
For more information about the Annual Cap Expansion amounts, please refer to the IRS Retirement Plans > Topic Index > Retirement Topics 403(b) Contribution Limits for catch-up contribution limits based on the year!
- The Process Scheduler Request page displays.
- Please refer to the Process Scheduler Request steps for further instructions.
- The process to run the Savings Age Catch Up Extension is now complete.
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