How do you handle a benefit plan’s annual contribution limits in Workday?

Handling a benefit plan’s annual contribution limits in Workday involves setting these limits directly within the configuration of the benefit plan itself. This approach allows for the automated enforcement of the annual limits based on the specific guidelines established for the plan. By incorporating these limits into the configuration, any changes to contributions during the plan year can be managed seamlessly, ensuring compliance with regulatory requirements and effective plan administration.

Setting up the limits in the system also enhances reporting capabilities and provides real-time visibility into how contributions are tracking against established caps. This proactive measure ensures that both the organization and employees are aligned with the defined parameters and helps prevent any issues related to exceeding contribution limits.

Consultation with the benefit provider or notifying employees can be part of the communication process around these benefits, but the actual management of the contribution limits is an administrative function that should be addressed through the configured settings within Workday. Submitting a request to HR is unnecessary, as the capability to manage these limits is typically a function of the system's configuration rather than a process that requires HR intervention.