I need a formula that calculates the companies matching of 401K contributions. The company will auto enroll everyone at 2% contribution unless they opt out and match $0.25 of every $1.00 up to $500 max per year.
Lets say I have a participant who made $100,000 and contributed $15,000 to the plan, I'm not sure how to recalc the employer match and cap it at $500.
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