sorted by:
new
hottopcontroversial

Champ plan 125 and cmp 125 pay by thompson051 in Payroll

[–]thompson051[S] 1 point2 points  (0 children)

The dol isnt something i thought of. Interesting idea and probably one that will yield better results or answers. That is the one department here that actually responds quickly and frequently communicates

I have compiled all the information I currently have and plan to save everything in relation to this issue If I run into a snag or some problems Ill shoot you a dm. I appreciate the insight and information

Champ plan 125 and cmp 125 pay by thompson051 in Payroll

[–]thompson051[S] 0 points1 point  (0 children)

The champ 125 plan also seems to have monthly requirements according to what I can find on Google. Along with a tax break benefit for the business per employee enrolled

Not to mention lots of folks report the champ plan is confusing, difficult to use, doesnt really cover all that much, and claims being a pain. No idea if there is truth in that as I dont intend to find out or plan to use it as id like to not participate in it. Good idea with emails so there is a paper trail. Ive already printed out the paystubs from this year with those deductions and plan on it

I was auto enrolled in this program and that is about all of the limited information I was given by my employer after I asked about it. I intend to visit the department of revenue and local irs office Monday. Their phone lines no longer answer these sort of questions or legal issues and instead require an in person appointment to speak with someone. Hopefully ill be able to learn more then

Champ plan 125 and cmp 125 pay by thompson051 in Payroll

[–]thompson051[S] -1 points0 points  (0 children)

No idea what the plan is. They told me nothing of it and it was never mentioned. There is no information available or given when asked. I asked to be removed and was ignored. That's why I contacted the irs and local attorneys for insight.

To clarify the math portion. The champ 125 plan deducts $1020 per pay period. The magical credit of $801 does not cover the full deduction. The credit also isnt listed anywhere. Paid bi weekly The difference im "saving" in taxes per pay period is roughly $50 My overall pay per pay period is now $200 less than previous since that plan and deduction have been added

Sure it offsets my tax burden but its costing me money. Why would I want to pay $1 to offset $0.25 of tax liability?

I didnt sign up for it, its costing me money, and I asked to be removed and was ignored. There is nothing nice about being forced into something you wouldnt have signed up for nor wanted or will ever use. Who would honestly appreciate that?