| FAQ 848: VALUE screen, ASC calcs, participant's deferral is being reduced, WHY? |
On this client, this Participant has salary deferrals of $20,499.84.
On her VALUE screen, when ASC calcs, she is being reduced to 15,500, WHY? The “Value” screen should not change?
Am I missing something?
This is because the Deferral source is set to go directly to Fund 1 instead of 99-Input.
If that field is set to anything other than "99-Input" and you run the "Allocate Cont/Forf to Funds" portion of calculations, the figure on the Account Value screen(s) is updated to correspond to the figure on the Contributions screen, which would be net of any catch-up amounts. If that field is set to "99-Input" and you run calculations, the original deferral amount that is on the Account Values screen will be left alone and your totals should tie out.
Thankfully there are only 3 people in the plan making catch-up contributions. You should be able to adjust the Current Contribution figure for those employees on the Account Values screen(s) in source 1 to the original deferral amount. Then if you make the spec change noted above and save your specs, it shouldn't happen in the future.