When participants change their deferral rate/amount, employers will be alerted to those changes directly through the Vestwell portal. When the Deferral Change button on the Contributions dashboard is highlighted RED, employers will see a list of recent deferral amount changes.
Employers are responsible for monitoring these change alerts and making the changes on the payroll system before running your next payroll. Employers will also receive a deferral change notice via email four (4) business days prior to each scheduled payroll date reflecting any open deferral rate changes at that time.
Reviewing Deferral Changes
A participant will stay on this table until you mark them complete by checking the box and clicking the “Mark Competed” button. Only "Mark Completed" once you have taken action to update the deferral rate in your payroll system or in your records used to calculate contributions. It is important that you keep this table up-to-date to ensure your notifications are correct.
- Click on the “View Deferral Change” button
- Notice the “Change” column
- Update your Payroll system or Payroll Contribution file for this and all future payrolls.
- Check the boxes next to the Employees’ names
- Then click “Mark as Complete”
This will remove the reminder on this page and help you stay current on the deferral rates your employees have elected.
If you have any questions, please reach out to us at clientsuccess@vestwell.com.