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Former Member
Oct 25, 2010 at 12:47 AM

401 K Loan Deductions


Our Company has interface which feeds Data from Sap to Great West for 401k loan deductions. Great west accepts the loan amounts as in multiples of the loan repayment.When the employee gets paid and the amount in arrears table gets deducted

not in the multiples of 401k loan payment .The requiremnt is the wage type needs to be deducted in the multiples of the loan repayment (that is $ 50 and the repayment should be $50,$100,$ 150...)But in sap the loan repayment amount deduction is not inmultiples from arrears table.Some times it deducts $70 for the loan repayment. The great west rejects thie payment because it is not in multiples of the laon repayment.