Embedded on the Manage Auto-Submit page, you will find a calculator to help you maximize your annual employee contributions based on current year IRS-defined limits.
Maximum Allowed represents your maximum allowable employee contribution for this calendar year as defined by the IRS. If you are eligible, based on your age, this value will include the allowable amount for catch-up contributions.
Prior Current Year Contributions will display the amount of any contributions made this calendar year through the ABA Retirement Funds. This includes contributions that may have been processed through ProgramPay, through other ABA Retirement Funds portals or via a cleared check. This amount does not include contributions made to other qualified plans or contributions that may not yet have been deposited.
Remaining Contribution Allowed is the difference between your Maximum Allowed contribution and any Current Year Prior Contributions.
By selecting among the Desired Payment Frequency options, you can calculate how much you would need to contribute at that frequency throughout the rest of the year, in order to reach the maximum allowable contribution amount.
The available frequencies are:
- Every Week: (52 pay periods) - You will be asked to select the day of the week for processing your contribution.
- Every 2 Weeks: (26 pay periods) - You will be asked to select the day of the week for processing your contribution.
- Once a Month (Last Day): (12 pay periods) - The contribution day is defaulted to the last calendar day of each month.
- Once a Month (Special Date): (12 pay periods) - Select this frequency if you have a monthly contribution schedule with a date other than the last day of the month. You will be asked to enter your next contribution date.
- Twice a Month (15th & Last Day): (24 pay periods) - Only select this frequency if your desired contribution dates are the 15th and last calendar day of the month.
- Twice a Month (Specific Dates): (24 pay periods) - Use this frequency if you want two (2) contribution dates per month, but on a schedule that is different from the 15th and last calendar day of the month.
Once you've selected your desired payment frequency, the calculator will show you the number of remaining payments in this calendar year as well as the dollar amount you will need to make for each payment in order to maximize your annual employee contributions.
Once you've finished using the calculator to evaluate contribution options, remember to go back to set up your actual Auto-Submit election through the Manage Auto-Submit online form.
Please note: This feature is only available for plans with one (1) participant. If you are subscribed and your plan adds a second participant, the auto-submission will be disabled.