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Administrator Guide
Last Updated: 2023-06-23
Enter 401(k) Loan Repayment Using Payroll Input (USA)

Enter 401(k) Loan Repayment Using Payroll Input (USA)

Your company has created a 401(k) retirement savings plan.
The worker has received a loan from the savings.
You've created the loan repayment deduction.
Security:
  • Worker Data: Payroll (Payroll Input)
     domain in the Core Payroll functional area.
  • Run Batch Complete (Pay Complete)
     domain in the Core Payroll functional area.
Enter the loan and the repayment input amounts.
  1. To enter payroll input for the loan and repayment, access the
    Add Payroll Input by Worker
     task, and select:
    Field
    Description
    Pay Component
    401k Loan Repayment
    Processing Defaults
    Ongoing
    Override
    Regular Run Category
    Payroll Worktags
    Enter the loan worktag valid value:
    401k Loan: Loan 1
    .
  2. Under
    Input
    , enter this row:
    1. Enter the
      Start Date
       of the period in which the loan is part of the payroll result.
    2. Enter 2 rows of
      Input Details
      :
      Type
      Value
      401k Loan Balance
      The amount of the loan.
      Original Amount
      The amount of regular payment.
  3. Run the payroll for the worker or the worker's pay group.
You've entered a loan repayment input in the specified pay period. Workday stops deducting ongoing payments from payroll once the sum of the ongoing 401k Loan Repayment amount equals the
401k Loan Balance
 amount entered for the ongoing input.