Retirement plan contribution percentage error on April 30 pay day
The university’s retirement plan contribution was scheduled to change from 9 percent to 6 percent on the April 30 pay day. However, due to an error in the PeopleSoft settings, the contribution remained at 9 percent. To offset this additional 3 percent contribution on your April pay, only 3 percent of your May 31 pay will be contributed. Thereafter, the contribution will correctly be 6 percent. The PeopleSoft benefit table has been set up for 3 percent on May 31 and 6 percent beginning June 30, to ensure that this situation will not occur again.
We very much apologize for this issue. If you have any questions about it, please contact Lisa Burton or Peggy Kilburg.
HR