If data is accurate and formatted correctly, it generally takes 2-4 business days from the time contributions are submitted for account balances to update.
What to Expect Before the Pay Date When Processing Payroll
Within 1 Week Before Pay Date:
- Process payroll in payroll system
4 Business Days Before Pay Date:
- Employee Deferral Rate changes sent to payroll system (for 360 Integrated only)
On Scheduled Pay Date:
- Contributions data is received from the payroll provider and submitted through the ProgramPay portal*
- Contributions data is validated and processed**
What to Expect After the Pay Date When Processing Payroll
1-2 Business Days After Pay Date:
- Submitted*** contributions are transmitted to the Voya recordkeeping system at 1:30 PM Eastern Time each business day.
- Contributions submitted before 1PM will be sent on the same day.
- Contributions submitted at 1PM or later will be sent the next business day.
1-4 Business Day After Pay Date:
- Employees see their contributions reflected in their account balance
- ACH payment is requested from the employer's financial institution****
- Funds traded into employees' selected investments
*The Department of Labor (DOL) generally requires contributions to be deposited into the plan 7 days after the pay date at the latest. Large plans with more than 100 participants as of the start of the plan year may be subject to different deadlines.
**Vestwell must receive an employer's payroll contributions file in Good Order in order to process the file without delays to the timeline shown above. The employer will validate data in the payroll system, and the payroll provider will ensure the file is sent in Good Order. Additionally, if contributions submissions result in a rejection by the recordkeeper, the employer will be notified.
***Submission time for integrated payrolls varies throughout the day depending on file receipt time from payroll companies and various system processing times.
****Each bank has their own timelines for turnaround on ACH requests and is not within the control of the recordkeeper. If an employer's bank reverses the ACH payment request for any reason, then an employer must work with their Voya representative to resolve the issue.