The third step in the program’s onboarding process is to set up your payment. Each pay period, you will instruct the program of the retirement account contributions withheld from employees' paychecks. As part of that process, the funds must be remitted to the program to be deposited into participating employees' retirement accounts.
In this section of onboarding, you will provide instructions on how you would like to remit those payments for each of the pay schedules created in the last step.
There are three remittance options available:
- Bank Account via ACH (recommended option) - This option allows the program to pull the total contribution amount directly from your bank account. The ACH will process automatically each time you provide payroll contribution information into the portal. In this option, you don't need to take any action to remit the funds once you have submitted the contribution information to the program. This is the quickest and simplest way to have contributions added to employees' retirement accounts.
- Paper Check - With this option, you are responsible for sending in a check each time you process a contribution submission to the program for your employees. This requires you to manage the remittance process each pay period in addition to entering the contribution information into the portal.
- ACH Push (very uncommon) - With this option, rather than the program automatically pulling the contribution amount directly from your bank account once you submit your employees' contributions, you will need to go into your banking system and send the payment to the program. This requires you to manage the remittance process each pay period in addition to entering the contribution information into the portal.
Note: If you are remitting payments from different bank accounts for various groups of employees, there will need to be a pay schedule set up for each unique bank account, even if the actual pay frequency and schedule are the same. In this case, return to the “Payroll Setup” page by selecting the Previous button to set up another payroll frequency if you have not already.