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Lawson S3 HR/Payroll/Benefits
Default enrollment in 403b/401k plans
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Lawson S3 HR/Payroll/Benefits
Default enrollment in 403b/401k plans
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Kelly H
Veteran Member
Posts: 167
9/11/2013 6:22 PM
We are considering setting up a default enrollment into our 403b for all employees and new hires. I dont have the specifics yet, but let's assume that as of the first of the month following hire they would be automatically enrolled with a 3% election for the 403b plan.
Are you doing this within your organization within Lawson? If so, can you answer a few questions?
1, Do you auto enroll and then send the file to the retirement vendor or do you have them send you a file with the auto enrollment information?
2. If you auto enroll, is the plan set up as a default?
3. How do you show when they opt to waive rather than enrolling in the plan?
4. How do you reflect that they are making an election other than 3%?
5. Did you make a change from a voluntary plan to the automatic enrollment? Did you use the same plan code? Or build a new plan?
Tags:
Retirement
,
457
,
403b
,
401k
LisaN
Veteran Member
Posts: 53
9/11/2013 9:49 PM
1, Do you auto enroll and then send the file to the retirement vendor or do you have them send you a file with the auto enrollment information? We send an employee file to the vendor, includes our new hires, and then they send us a file back that has the auto enroll information. From the vendor file we create a BN532 file (BNBATCH).
3. How do you show when they opt to waive rather than enrolling in the plan? Since the auto enroll comes from the vendor we don't track the waives. Our employees have to opt out with the vendor and then the vendor sends us a record showing a stop transaction, this is usually 0% contribution. We interface those records with a stop date.
4. How do you reflect that they are making an election other than 3%? All our auto enrolls start at 4%, that comes from the vendor.
5. Did you make a change from a voluntary plan to the automatic enrollment? Did you use the same plan code? Or build a new plan? Since our plan allows a company match after 90 days; we have one plan and 2 match percent schedules (1 gets the match, the other doesn't)
Tags:
Retirement
,
457
,
403b
,
401k
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