How to report 415 Eligible Compensations on the FL Retirement Report

How do I report 415 Eligible Compensations?

• Payroll
• Florida
• FL Retirement Report

1. Track the 415 eligible compensation amount using a zero dollar deduction.  Reference How to Create a Zero Dollar Deduction.
2. Define the 415 Eligible deduction code(s) on the Deduction/Contributions Ranges tab of the FL Retirement Generate screen with a Deduction Type of 415 Eligible.

When a deduction is defined as 415 Eligible, the program will report the Yearly Gross amount from Employee Accumulators in the YTD 415 Elig Comp field of the IRC Limit Monitoring tab on the Period Record screen. 

Note: "415" refers to Internal Revenue Code (IRC) Section 415 (Limitations on benefits and contribution under qualified plans), which includes provisions for pension benefits.  "415 eligible" refers to any deduction with a contribution type included in those provisions.

If you're unsure which FRS plans are and are not "415 eligible", please reach out to FRS for guidance.