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      Employee Center: Retirement

      The Retirement section of the Employee Center tracks retirement information for reporting purposes.

      Navigate to Retirement
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      Important: This page is strictly informational for Retirement Reporting purposes. Information entered here will not affect an employee’s retirement withholding or the Employer (ER) match/safe harbor calculation.

      Navigate to Retirement 

      Find the Retirement page by navigating to HR Admin (module) → Manage Employees → Employee Center → select 2024-02-08_16-42-31 Employee → Information tab → Retirement (tab).

      A screenshot of the navigation path to the Employee Center Retirement tab. 

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      A screenshot of the Employee Center Retirement tab. 

      • Deferral Amount: The employee’s retirement contribution. If this contribution is a percentage, enter “Percent” in the Deferral Calc field. If this contribution is a flat amount, enter “Flat” in the Deferral Calc field. This amount should reflect the employee’s deduction amount. Learn more about Deductions.

      • Employer Match Percent: If the employer contributes a specific percentage to match the employee’s retirement contributions, enter that percentage in this field.

      Note: Some companies may have a more complicated match algorithm than a simple percentage. If this is the case for your company, you can keep this field blank or enter a simplified version of the match. Remember, this page is strictly informational for your record-keeping and will not impact retirement calculations.

      • Status: The status of the employee’s retirement eligibility, i.e., active, eligible/inactive, ineligible, etc.

      • Deferral Calc: This field notes how the Deferral Amount should be calculated. Enter “Percent” in this field if the Deferral Amount should be a percentage or “Flat” if it should be a flat rate.

      • Eligible Date: The date the employee can begin contributing to your company’s retirement fund.

      • Suspension Date: The date the employee suspended retirement contributions, if applicable. This is often due to the employee taking out a hardship loan.

      • Owner SSN: If the employee is an owner of the company, enter their social security number. If they are not an owner, leave this field blank.

      • Owner Percent: If the employee is an owner of the company, enter the percentage of the company they own.

      • Adjusted Hire Date: Used to calculate an employee’s seniority instead of the hire date, if applicable.

      • Retirement Employee Type: This field only applies to companies using Pentegra for retirement. Those companies may use the dropdown menu to select “Exclude from employer contributions” or “Exclude from all contributions.”

      • Retirement Provider: This field only applies to companies using TransAmerican for their retirement. When “TransAmerica” is selected, an additional field will appear:

        • Retirement Employee Class: Companies using TransAmerica can select an employee class for this employee.

      • Owner: If the employee is an owner of the company, select this checkbox.

      • Owner Related: If the employee is related to a company owner but not an owner, select this checkbox.

      • Exclude from Retirement Export file: If your company uses the Checkwriters Retirement Export, this checkbox will exclude the employee from the export file.

      • Continue After Max: This checkbox indicates whether the 401(k) contributions should continue after the employee's contributions have reached the limit.

      • Highly Compensated Employee: This checkbox identifies the Employee as highly compensated, therefore following different retirement rules.

      • Roth Catchup Eligible: Under the Secure 2.0 Act, employees 50 or older are eligible to make catch-up contributions as after-tax Roth Contributions. This checkbox can be used to identify employees eligible under this condition.

      • Long Term Part Time Eligible: This checkbox indicates that the employee is part-time but meets the eligibility criteria for your company’s retirement plan.

      • Status Change Date: The date the employee’s status changed.

      • Status Change Type: The status of the employee after a change, i.e., Active, Terminated, Leave of Absence, Retired, etc.