Deductions and contributions: Retirement plans

If your employees are enrolled in a retirement plan, you can set up paycheck deductions for the amounts that they pay into their plan. If you contribute to an employee's retirmement, you can also set up company contributions for this benefit.

• Setting up employee deductions for a retirement plan

• After you set up a deduction or contribution for one employee, you can assign it to other employees.

  1. Go to the Employee Tab
  2. Click the employee's name.
  3. In the Deductions & Contributions section, click Edit.
  4. In the Deductions for Benefits section, click the Add a Deduction link.
  5. Click the Deduction drop-down arrow and then select an existing deduction or select New Deduction. If you don't see the Deduction drop-down arrow, go to the next step.
  6. Select Retirement Plans for the category and then select the type.
  7. Enter a description or the name of the provider.
  8. For the Amount per period, select % of Gross Pay or $ Amount, then enter the percent or dollar amount of the deduction or contribution (if you need to, you can change the amount on the paycheck when you create it).

  9. (Optional) If you're setting up a deduction for an after-tax Roth plan, enter an Annual maximum for this employee.

     For qualified retirement plans (such as 401(k) or 403(b), including catch-up amounts), we automatically enter the maximum annual amount set by federal regulations.

  10. Click Save.
• Setting up company contributions to a retirement plan

•  Once you've set up a contribution for one employee, you can assign it to other employees.

  1. Go to the Employee Tab
  2. Click the employee's name.
  3. In the Deductions & Contributions section, click Edit.
  4. In the Company Contributions section, click the Add a Company Contribution link.
  5. Click the Contribution drop-down arrow and then select an existing contribution or select New Contribution. If you don't see the Contribution drop-down arrow, go to the next step.
  6. Select Retirement Plans for the category and then select the type.
  7. Enter the description or the name of the provider.
  8. Select % of Gross Pay or $ Amount and then enter the amount or percent of the contribution per paycheck for this employee (if you need to, you can change the amount on the paycheck when you create it).
  9. Optionally, enter the annual maximum.
  10. Click Save.