Purging Payroll History is taking a long time when closing Period/Year in PR 2.19/2.20

We have had 2 customers report this so far today. Here is the email from one:

"In the past, closing the quarter/year took a few seconds.  I have been waiting about a half hour for the system to close the quarter/year.  I have a blue status bar that keeps moving, but it seems to always be saying the same thing – it is purging payroll history."

They have about 100 employees and this process took a total of about an hour.

My theory is that this is due to not really having a cutoff year in the old Payroll Options, just the ability to keep Perpetual History, so that now there is a cutoff year on the History Tab of Payroll Options it is going to purge all the history prior to the cutoff year.

Any thoughts or similar stories?