Enhanced Retirement Plans in Microsoft Dynamics® GP Payroll

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Enhanced Retirement Plans

Do your retirement plans have catch-up provisions or a shared contribution limit with another plan? Do your retirement plans require setting up tiered matching of employee contributions as a percent of employee deduction, percent of employee gross wages, or fixed amount? Do you have a maximum employer benefit amount?

Automate the relationship between employee deductions and company matches across deferred compensation plans in Microsoft Dynamics® GP Payroll.

“We have seen considerable time savings per enrollment period with Enhanced Retirement Plans because of the reduction in data entry and correction of errors. Also, our employees are able to enroll for their retirement plan using Business Portal, which is where everything else for our employee benefit enrollment takes place.”
- Leigh Ann Perry, Associate Director of IT, Thomas Jefferson Foundation, Inc

Organizations that offer benefits like 401(k) or 403(b) plans can benefit from Enhanced Retirement Plans when they need:

the ability to calculate maximum contributions across multiple deferred compensation and/or Roth plans.
to support the catch up maximum contributions within the same plan.
to offer employer-matched contributions based on tiers.

With Employer Benefit Variable Matching you may create a matching tier that is based on employee deduction percentages, gross wages percentages, or fixed amounts. Retirement Code Group supports retirement catch up functionality that allows eligible employees to make additional contributions above the regular limit without setting up a special benefit code or changing deduction information. Maximum employer contributions can be set across multiple deferred compensation and/or Roth plans by their amount or percentage.

Updating . . .

(1) Rate

Features and Benefits

Employer Benefit Variable Matching - This is designed to give employers maximum flexibility when matching the retirement contributions of employees. Companies may create a matching tier that is based on employee deduction percentages. This feature supports Benefit Codes that have a percent-of-deduction method and is based on deduction with a method of fixed amount or gross wage. (Figure 1)

Shared Maximums -This feature allows employees to contribute to more than one retirement plan, but will need to comply with IRS regulations that specify maximum contributions allowable to retirement plans. This feature also allows companies to specify certain retirement deduction codes as belonging to a retirement code group. (Figure 2)

Retirement Catch Up -This allows employees to make additional contributions above the regular maximum once they meet the age criteria. (Figure 3)

Figure 1

Figure 2

Figure 3

Pricing/Cost Benefit

Cost Benefit Calculator
Calculating maximum contributions across two Deferred Comp Plans 401(k) or 403(b)

Employees in both 401(k) and Roth 401(k) Plans
Hours spent checking contribution report each pay period
Percentage of employees that might exceed contribution limits
Employer fine if contribution limits are exceeded
Hours spent addressing situation if employee exceeds
Hourly rate of resource managing payroll
Cost per pay period
Number of pay periods per year
Cost of Monitoring Contribution Limits
Cost of Error if Limits are Exceeded

Pricing

Pricing is based on employee count of Dynamics GP® Payroll License

Number of Employees	1–100	101–250	251–500	501–1000	1001–2000	Unlimited
Pricing	$1,000	$1,500	$2,000	$2,500	$3,000	$4,000

Annual Enhancements

18% of list price; includes all product updates and unlimited support.

FAQ

What are the prerequisites for Enhanced Retirement Plans?
Microsoft Dynamics GP Payroll is required for Enhanced Retirement Plans.

How should I set up Enhanced Retirement Plans if I am using the Human Resources Module and Payroll?
It is best practice to set up in Human Resources and roll down to Payroll if you’re using Human Resources and Payroll.

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