To explain the elimination of code 418 Deferred Comp Addt'l Amt for calendar year 2001. No new entries will be made on the deduction panels for code 418 and employees will no longer see the narrative Deferred Comp Addt'l Comp appear on their paycheck / direct deposit stub. Also, the administrator of the deferred compensation plan, the Copeland Company has changed their name to Citistreet.
Employees enrolled in the Deferred Compensation Plan
Administration checks dated January 3, 2001 and Institution checks dated January 11, 2001
OSC Automatic Processing
Code 418 has been eliminated effective with the first check of January, 2001. Citistreet will now report to OSC both "regular" and "catch up" under the single 416 deduction code. The panel for deduction code 416 now has a new field defined as "Catch Up Goal Amount". This field will be populated based on the information supplied by Citistreet. This amount is the yearly max of Catch Up for employees utilizing this deduction.
The yearly Maximum for deferred compensation has been increased from $8,000 to $8,500. The amount continues to be controlled based on 25% of gross income. For employees in catch up the yearly maximum remains at $15,000.
Notify affected employees
Questions regarding this bulletin may be directed to the Payroll Deductions mailbox.
Employees with questions on their deferred compensation percentages and deductions should be directed to Citistreet at (800) 422-8463.