Congratulations! You’ve Maxed Out Your 401k!

It’s that time of year when employees are reaching their annual limits on their traditional 401(k) and Roth 401(k) deductions.

Is your payroll or HR department getting calls from employees wondering why their 401(k) deductions have stopped? Did you know there’s an easy way to create a Workday home page announcement to target those employee that have met the annual limit?

Creating an announcement on the Workday home page is simple, and with a series of calculated fields we can tell Workday to only display the message if the employee has met their limits.

Configuration Steps:

1. Create calculated fields on the Worker business object to lookup the total of 401(k) deductions on payment dates during this calendar year.
2. Create a lookup related value calculation on the Global business object to lookup the Current Worker and return the total of 401(k) deductions for this year.
3. Create an Announcement Rule that compares the total deductions to the limit amount.
4. Configure an announcement on the home page that uses this announcement rule!

At the beginning of the calendar year, you simply have to update the limit in the announcement rule and you’re ready for employees to start meeting the maximums again!