Over time, employees may update their contribution rates or decide to take a loan from the plan. We’ll notify you of any of these events so that you know what’s required on your part as the employer.
Contribution changes need to be updated in your payroll system. If you’re using one of our integrated payroll partners, this function is automatically done for you. If not, then it requires manual updating in the payroll system by your payroll department.
Loans require employer approval and payroll setup. Employees first request a loan in their online account with us and we send you the loan application electronically for e-signature approval. Once you approve the loan, we take care of the rest and issuing payment. Lastly, loan repayment deductions need to be setup on payroll as an after-tax deduction from the employee’s pay and included in the payroll data that’s sent to us each pay period for retirement plan processing.