How does ProgramPay help me manage employee deferral rates?
Whenever participants set or change their deferral rate/amount during online enrollment or while using the Voya Participant Website (P-Web), sponsors will be alerted to those changes directly in ProgramPay if they are not using a 360 payroll integration. When the Deferral Change button on the Contributions dashboard is highlighted RED, sponsors will see a list of recent deferral amount changes.
If your plan is not 360 payroll integrated then sponsors are responsible for monitoring these change alerts and making the updates 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.
Please note: Deferral change email notices are not sent to 360 payroll integrated plans, as ProgramPay will send deferral rates updates to your payroll system via the integration.
IMPORTANT: Only employee deferral rates set by the participant using Voya's Participant Website (P-Web) will be flagged as a deferral change in ProgramPay. Any other changes made not using Voya's Participant Website (P-Web) need to be facilitated outside the ProgramPay portal. Since you will only be notified of employee deferral rates that were set online, please direct your employees to enroll for your plan via online enrollment and always maintain their deferral rates within the Participant Website (P-Web).
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 (Not necessary for 360 payroll integrated plans).
- 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.
REMINDER: 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 set and maintained 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 set by employees via the Voya Participant Website or online enrollment. If an employee is not using the Participant Website to consistently maintain their deferral rates, the rate may be blank or could be out of date.
- For the most accurate and best experience with ProgramPay, we recommend that that employee deferral rates ALWAYS be maintained by the employee in the Participant Website
- On 360 Integrated plans, during integration setup, ProgramPay will update your payroll system with any these rates. After that, deferral rate changes processed through ParticipantWeb will feed automatically through ProgramPay and those updates will be made to the Payroll system. With that in mind, it is extremely important that employees set and maintain their rates consistent via the Participant Website.