Go to the Employee's Information Page and open the Profiles Section.
2
Scroll to the bottom of the section and add the required retirement plan profile(s).
3
Click on Save.
4
Click on Payroll
5
Navigate to the Deductions widget
6
In the Deductions widget, click on the three dots on the far right.
7
Click on New Deduction
8
Select the correct retirement plan code from Deduction
9
Click on OK
10
Enter the Amount type (percentage or a flat dollar amount) and the Amount.
11
If the employee is contributing a percentage, an Earnings field will appear. Click on the Browse button.
A pop-up will appear. Select 401k Eligible earnings. This setting will ensure that only eligible earnings will be considered when calculating how much to contribute.
12
Select the Frequency
Every Scheduled Pay will calculate the contributions only on the regular weekly/bi-weekly/semi-monthly/monthly payroll. Every Pay will calculate the contributions on all payrolls (unscheduled, bonuses, etc.), unless the deduction is blocked.
13
Scroll down to the next section
This section should be filled with the information from the retirement plan profile you assigned. Make sure the Match Frequency is set the same as the Employee's frequency, even if there is no match being made.
14
Click on Save & Add
15
Increasing amount on an existing retirement contribution
When a client request to increase the employees retirement amount. The current deduction has to be end dated. And a new one must be created. This will ensure the system tracks all increases made on that specific employee.
Well done!
Create how-to guides like this in a snap. Get Tango now.
Press space bar to start a drag.
When dragging you can use the arrow keys to move the item around and escape to cancel.
Some screen readers may require you to be in focus mode or to use your pass through key
