How does ProgramPay help me manage deferral changes?
When participants change their deferral rate/amount using the Voya Participant Web (P-Web) portal, sponsors will be alerted to those changes directly in ProgramPay. When the Deferral Change button on the Contributions dashboard is highlighted RED, sponsors will see a list of recent deferral amount changes. Sponsors are responsible for monitoring these change alerts and making the changes on the payroll system before running your next payroll. Sponsors will also receive a deferral change notice via email four (4) business days prior to each scheduled payroll date reflecting any open deferral rates changes at that time.
IMPORTANT: When participants set their initial deferral rate, they are required to provide that information directly to you for your setup in the payroll system. Initial deferral rates are not flagged as deferral changes in ProgramPay.
IMPORTANT: Only changes made by the participant using Voya's Participant Web (P-Web) will be flagged as a deferral change in ProgramPay. Any other changes need to be facilitated outside the ProgramPay portal.
Reviewing Deferral Changes
A participant's deferral change will stay on this table until you mark it complete by checking the box and clicking the “Mark Completed” button. Only set the "Mark as Complete" button 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 email notifications are correct. Please note clicking the "Mark as Complete" button does not take any action to update the deferral rate in your payroll system.
- Click on the “View Deferral Change” button
- Notice the “Change” column
- Go into your your Payroll System or Payroll Contribution file and make the update to the new deferral rate for use with future payrolls.
- Check the boxes next to the Employees’ names
- Then click “Mark as Complete”
Once you have accounted for the deferral change, be sure to click “Mark as Complete.” This will remove the reminder on this page (and emails) and help you stay current on the deferral rates your employees have elected.
NOTE: Plans that are setup with 360 Payroll Integration or 360 Payroll Concierge Services are not responsible for making these deferral rate changes in their payroll system and will not receive the reminder email. Those changes are facilitated directly with the payroll provider through the integration, but you will see them here for your information purposes. The only deferral rates that are available through ProgramPay are deferral rate changes made by the participant via Voya's Participant Web.
If you included your payroll schedule when you registered for ProgramPay, you will receive an email alerting you to any employee deferral rate changes 4 days before each payroll. Look for our email notifications before every pay period to stay on top of your employee deferral changes. Those emails will be sent from ProgramPay@notices.vestwell.com. The subject line is "Employee Deferral Changes" with the date.
This is an example of the email. This email is only generated if there are open deferral rate changes four (4) business days prior to a scheduled pay date.
After updating deferrals within your payroll system, you are ready to proceed with running your payroll and submitting your retirement plan contributions.
Reviewing All Deferral Rates
You can always see a list of the deferral rates that ProgramPay has received from ParticipantWeb within the portal.
- Click on the link to "See complete list of current employee deferral amounts"
- If we have received a deferral rate from ParticipantWeb, that rate will be available in this employee list.
- If the rate is blank, ProgramPay has never received a deferral rate.
IMPORTANT NOTES:
- These rates reflect only the rates that have been shared from ParticipantWeb. If an employee is not using ParticipantWeb, the rate may be blank or could be out of date.
- For the most accurate and best experience with ProgramPay, we recommend that if your plan is enabled for ParticipantWeb that all deferral rate changes be entered by the employee into ParticipantWeb
- This list may reflect either initial deferral rates or deferral rate changes. Employers will only be alerted about deferral rate changes.
- On 360 Integrated plans, it is the Sponsors responsibility to set all initial employee deferral rates within the payroll system. After that, deferral rate changes processed through ParticipantWeb will feed automatically through ProgramPay and those updates will be made to the Payroll system.