Increase Retirement Savings Contributions Annually for Workers Opted into Automatic Contribution Increases
- Create or edit a retirement savings plan and enable theAuto Contribution Increasecheck box. See Create Retirement Savings Plans.
- Set up the Enroll in Retirement Savings EIB. See:Steps: Set Up EIBs Using Templates from Web Service Operations and Concept: Change Benefits EIB
- Security:
- Set Up: Benefitsdomain in the Benefits functional area.
- Custom Report Creationin the System functional area.
- Manage: All Custom Reportsin the System functional area.
- Report Tag Managementin the System functional area.
For each year, you can increase retirement savings contributions for workers opted in to automatic contribution increases. For the increases, extract the current elections, calculate the new contribution amounts, and then upload the new elections. Additionally, you can create an integration to automate this process.
- Create and run a custom report to extract the retirement savings elections of workers who opted in to automatic contribution increases.
- Extract the data to Excel and calculate the updated contribution amounts based on your policy.
- Upload the updated elections using the Enroll in Retirement Savings EIB.