Hi all,
I'm setting up Canadian defined contribution and defined benefit pension plans in SAPs benefits module under "Savings Plans". The employee contribution for one plan should be 2.5% of earnings up to YMPE and 5% after that (where YMPE is $48,300 for 2011). For example, someone with earnings of $60,000 would be able to contribute:
2.5% of 48300 = 1207.5
5% of (60000-48300) = 585
1207.5 + 585 = $1792.5.
Is there a way to satisfy the above requirements using the Employee Contribution Rules under Savings Plans? How do I configure a 2.5% up to YMPE and 5% after YMPE?
Thanks,
Chirag