When employees change their savings rate, employers will be alerted to those changes directly through the portal. When the View X Deferral Changes button on the "Contributions" page is highlighted in RED, employers will see a list of recent savings rate changes.
Employers are responsible for monitoring these change alerts and making adjustments to the payroll system before running the next payroll. Employers may also receive a savings rate change notice via email four business days before each scheduled payroll date that reflects any open savings rate changes.
Reviewing Savings Rate Changes
An employee will appear on the "Deferral Changes" table until you have checked the box next to their name and clicked the Mark as Complete button. Only select this button once you have taken action to update the savings rate in your payroll system or in the records you use to calculate contributions. It is important that you keep this table up-to-date to ensure your notifications are correct.
- From your "Contributions" dashboard, click on the View X Deferral Changes button.
- Note the “Change” column.
- Update your payroll system or payroll contribution file to reflect the changes for the current payroll and all future payrolls.
- Check the boxes next to the employees' names.
- Select Mark as Complete.
This will remove the reminder on this page and help you stay current on the savings rates your employees have elected.