Steps: Set Up Auto-Contribution Increase for Retirement Plans
Security:
Set Up: Benefits
in the Benefits functional area.The U.S. Federal Secure Act 2.0 requires organizations to enable workers to automatically increase their retirement savings contributions each year. You can set up auto-escalation for percentage contributions for retirement plans in Workday. Using passive events, you can enroll and enable new and existing workers. Workers can opt-out of the automatic increases during an enrollment event.
For a use case related to this topic, see Use Case: Set Up Auto-Contribution Increases for Retirement Savings in the Use Case Library.
- Configure auto-contribution increases for retirement plans by creating or updating retirement savings plans in Workday and specifying the auto-contribution increase percentages. See: Create Retirement Savings Plans.
After running the passive event rule, workers receive a benefit event that brings forward their existing retirement savings contributions. Workers can also opt out of the auto-increase by unselecting the
Auto Contribution Increase
in the benefit event.