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Forums Human Capital Management Lawson S3 HR/Payroll/Benefits

401k loan deductions

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BonBon
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10/1/2015 7:50 PM

Today we have a PR14 set up for loan deductions; and we do not maintain a loan number in Lawson for these.

To my knowledge there is no way in PR14 to store a loan number. 

Soon we are changing vendors; and they require a loan number to be interfaced along with the loan amount. So we need to find a way to pass the loan number to the vendor.

Has anyone ever used PR26 (garnishment) to track and set up a deduction for a 401k loan? 

Or do you have a suggestion how I can pass the loan number to the vendor?

Thank you!

Bonnie

 

 

Mary Porter
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10/1/2015 7:56 PM
You could put the loan number in a user field on HR11 - that is what we had to do with another report that required something similar. It would be really nice if there was a comments field on PR05 to suit these purposes.
Ellen Rust
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10/1/2015 8:05 PM
We also have a user field on HR11 called 401K Loan Number for loan number and the feed from our Vendor updates it when an employee takes out a new loan.
BonBon
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10/1/2015 8:49 PM

Hello,

A place on PR05 would definately be nice.

So if an employee pays off one loan and takes a second loan, or has two loans, how would you handle that in the user field?

Thanks for the quick reply!  I appreciate it!

 

Mary Porter
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10/1/2015 11:04 PM
Personally, if the first loan was paid off then I would over-write the user field. If there were two loans then there would be two deduction codes, and 2 user fields, and you would have to tie the loan 1 deduction code to the loan 1 user field, and do the same for loan 2. Someone else probably has a better idea.
Ellen Rust
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10/9/2015 6:36 PM
We over-write the loan number in the user field and we over-write the amount/dates on the deduction code on PR14. We would use our 3rd party administration system to do any research necessary on past loans. We also would be able to drill around on the employee record for past deduction information.