Employers are responsible for withholding contributions from payroll for each employee who participates in the state savings program until:
- An employee meets the annual contribution limit, or,
- An employee decides to no longer contribute
If your employees make savings rate changes, those changes will be posted on your employer portal the following business day. Additionally, you may receive email notices of all outstanding savings rate changes about four days before your next expected payroll contribution date. Before you process your payroll, please review your employer portal to see if any employees have recently changed their contribution rates.
Note: If you do not have a set payroll schedule, you will not receive email reminders, so be sure to check the portal to confirm any savings rate changes before you process payroll.
How to Update Your Employees’ Savings Rate
Please follow the below instructions to make your employee savings rate changes.
- Log in to your employer portal.
- Navigate to the "Contributions" tab. From this page, you will see the View Savings Rate Changes button.
- When you click on the View Savings Rate Changes button, you will be presented with a list of your employees who changed their savings rate and what their new rate will be.
- Update your payroll system or payroll contribution file for this and all future payrolls.
- Check the boxes next to the employees’ names once you have updated their savings rate. When you are finished, click the Mark as Complete button. This will remove the reminder on this page (and emails) and help you stay current on the savings rates your employees wish to have.
If you included your payroll schedule when you registered for the program, you will receive an email alerting you to any employee savings rate changes four days before each payroll. This email will also include any newly eligible employees who can now begin saving with the program. Look for our email notifications before every pay period to stay on top of your employee savings rate changes.
After updating your employees’ payroll deductions, you can proceed with running payroll and completing your contribution submission.