Company Setup | 401k Tab
Use this page to define company‐level 401(k) information, including employee status codes, 401(k) sources, and 401(k) funds. The definitions you create here become available at the employee level to facilitate various reporting functions relevant to 401(k) reporting. Use the drop‐down list in the page header to select one of the following options: • Funds — Defines the various funds available in the 401(k) plan. The employee makes elections to have part or all of their deferrals posted to these funds. • Match — The 401(k) Wizard assists you in developing the logic to calculate the employer match by answering a series of questions concerning the client’s match policy. • Source — Identifies the contribution source (point of origin) for funds posted to the employee’s 401(k) account, whether it is an employee deferral, employer match, or unmatched deferral. • Status — Defines the various participation categories of a company 401(k) policy. These codes are then assigned to employees on their respective [company] > Employees > [employee] > 401(k) tab.Each option and its associated sub‐page is explained in the sections that follow.
Note
The 401(k) status and an employee’s status (as defined on the [company] > Employees > [employee] > Status/Position tab) are totally unrelated. Changing an employee’s status does not affect the status of the employee’s 401(k).
Funds option
Figure 1: Company 401k page, Funds option Use this option to define the various funds available in the 401(k) plan. The employee makes elections to have part or all of their deferrals posted to these funds. You define only the fund code and its description. You do not define any amounts associated with funds. Explanations of the columns in the items list are as follows: Fund The code or ID that represents this particular 401(k) fund. Description The full name or explanation of the fund.
An explanation of the field on the 401k Funds sub‐tab follows:
Description Use this field to define or change the full name or explanation of the fund.
Adding Fund Definitions
To define a new 401(k) fund:
Figure 2: Yellow star button to add an item
The system displays a pop‐up window in which you define the label for the new fund:
Figure 3: Dialog to define the name of the new fund
2. Enter a descriptive label for this new 401(k) fund and click the OK button.
The system creates a new fund, adds it to the items list, and puts the cursor in the Description field of the 401k Funds sub‐tab.
3. Fill in the appropriate information for this fund.
Removing Fund Definitions
To remove a 401(k) fund:
1. Click on the fund in the items list so that the line is highlighted. 2. Click the black X button in the page header:
Figure 4: Black X button to delete an item
Figure 5: Company 401k page, Match option Use this option to define the various matches available in the 401(k) plan. The employee makes elections to have part or all of their 401(k) contributions posted to these matches. You define a match code, its description, and a VBScript that defines amounts associated with the match. The items list area, as well as the add item (yellow star) and delete item (black X) buttons in the page header, are disabled for the Match option. The match policy is not reflected as a listed item.
Explanations of the fields on the 401k Match sub‐tab are as follows:
401(k) Match This text area reflects the employer match policy definition for internal
calculations. If the match policy uses VBScript, this area remains empty.
401(k) Wizard Use this button to define the 401(k) match policy, as described in “Adding
a Match Definition.”
Adding a Match Definition
To define a new 401(k) match policy:
The system displays a pop‐up dialog, beginning with Page 1: Selecting the Calculation, as shown in Figure 6:
Figure 6: 401(k) Employer Match Wizard, Page 1
2. Make your selection and click the Next button.
• If you selected the top choice on Page 1, the system displays Page 2: Entering the Percentages, as shown in Figure 7:
• If you selected the bottom choice on Page 1, the system displays Page 2: Entering the Percentages, as shown in Figure 8:
Figure 8: 401(k) Employer Match Wizard, Page 2 based on the second choice of Page 1
Figure 9: 401(k) Employer Match Wizard, Page 3
4. Make your selection and click the Next button.
You must enter values for all three items on this page. Each drop‐down list allows you to select an existing value or create a new one by selecting New and entering a value in
the field to the right of the drop‐down list.
The system displays Page 4: Agency Check, as shown in Figure 10:
Figure 10: 401(k) Employer Match Wizard, Page 4
The system displays Page 5: VBScript or Internal Calc, as shown in Figure 11:
Figure 11: 401(k) Employer Match Wizard, Page 5
6. Make your selection and click the Next button.
• If you selected the top choice on Page 5, the system displays the Finished page, as shown in Figure 12:
Figure 12: 401(k) Employer Match Wizard, Finished! for internal calculation
The system returns you to the 401k Match sub‐tab, filling the text area with details about the internal calculation:
Figure 13: Company 401k page, Match option for internal calculation
• If you selected the top choice on Page 5, the system displays Page 6: Generated VBScript, as shown in Figure 14:
Figure 14: 401(k) Employer Match Wizard, Page 6
The system displays the Finished page, as shown in Figure 15:
Figure 15: 401(k) Employer Match Wizard, Finished! for VBScript
ii. Review the text on the page and click the Finish button.
The system returns you to the 401k Match sub‐tab, leaving the text area empty:
Figure 16: Company 401k page, Match option for VBScript
Removing Match Definitions
To remove a 401(k) match:
1. Click on the match in the items list so that the line is highlighted. 2. Click the black X button in the page header:
Figure 17: Black X button to delete an item
The system removes the 401(k) match from the items list.
Source option
When you select [company] > Company Maintenance > Company Setup > Source option, the system displays the default Millennium 401(k) source codes and 401k Sources sub‐tab, as shown in Figure 18:
Figure 18: Company 401k page, Source option
You define only the source code and its description. You do not define any amounts associated with sources.
Explanations of the columns in the items list are as follows:
Source The code or ID that represents this particular 401(k) contribution source. Description The full name or explanation of the source.
An explanation of the field on the 401k Sources sub‐tab follows:
Description Use this field to define or change the full name or explanation of the
source.
Adding Source Definitions
To define a new 401(k) source:
1. Click the yellow star button in the page header:
Figure 19: Yellow star button to add an item
The system displays a pop‐up window in which you define the label for the new source:
Figure 20: Dialog to define the name of the new contribution source
2. Enter a descriptive label for this new 401(k) contribution source and click the OK button.
The system creates a new source, adds it to the items list, and puts the cursor in the Description field of the 401k Sources sub‐tab.
3. Fill in the appropriate information for this fund.
Removing Source Definitions
To remove a 401(k) source:
Figure 21: Black X button to delete an item
The system removes the 401(k) source from the items list.
Status option
When you select [company] > Company Maintenance > Company Setup > Status option, the system displays the default Millennium 401(k) status codes and 401k Status Codes sub‐tab, as shown in Figure 22:
Figure 22: Company 401k page, Status option
An explanation of the field on the 401k Status Codes sub‐tab follows:
Description Use this field to define or change the full name or explanation of the
status.
Adding Status Definitions
To define a new 401(k) status definition:
1. Click the yellow star button in the page header:
Figure 23: Yellow star button to add an item
The system displays a pop‐up window in which you define the label for the new status:
Figure 24: Dialog to define the name of the new status
2. Enter a descriptive label for this new 401(k) contribution source and click the OK button.
The system creates a new status code, adds it to the items list, and puts the cursor in the Description field of the 401k Status Codes sub‐tab.
3. Fill in the appropriate information for this fund.
Removing Status Definitions
To remove a 401(k) status code:
1. Click on the status code in the items list so that the line is highlighted. 2. Click the black X button in the page header:
Figure 25: Black X button to delete an item
