Now You Can Offer Your Employees the Added Convenience of Making Their Salary Deferral Elections Online
It’s More Efficient for Plan Administrators, Too!
Choosing to offer Online Salary Deferral Elections will help make plan administration easier. It reduces time-consuming paperwork and recordkeeping for your staff, allowing you to focus more on your business!
This self-service approach also requires less employee interaction with your administrative staff to review or change elections.
You can choose to offer Online Salary Deferral Elections for both Traditional and Roth contributions, and allow both dollar and percentage contributions, or only dollar or percentage contributions, as applicable.
Each business day, we will send you an e-mail summarizing all deferral rate changes made by your employees during the previous day. To help you identify if a change was made during the weekend or a holiday, the e-mail will also include the date such changes were made.
A Deferral Rate Changes Report for payroll administration is also available through the online retirement plan administration system provided by us, which can be accessed conveniently through the internet.
Online Salary Deferral Elections make it easier to manage your employees’ deferral rate changes.
More Convenient for Your Employees to Review and Change Their Salary Deferral Rates
Your employees will appreciate the ease and convenience of making their salary deferral elections and changes online instead of with paper forms.
Plus, they will receive immediate e-mail confirmation of their changes.
- Maximum elective deferral limits currently allowed for retirement savings plans
- Catch-up contributions for employees age 50 and older
- Advantages and ways to save more and prepare for a more secure retirement
- Date and amount of last contribution
- Total contributions year-to-date
- Contributions by money type (Traditional/Roth and Employee/Employer-Matched)
So, your employees will appreciate their retirement plan even more as a valuable employee benefit!
Not available for SEP plans.