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Administrator Guide
Last Updated: 2025-05-16
Set Up Worktag for 401(k) Loan Repayment (USA)

Set Up Worktag for 401(k) Loan Repayment (USA)

Your company has set up a 401(k) retirement savings plan.
The worker has received a loan from the savings.
Security:
Set Up: Enable Worktags
 domain in the Core Payroll Functional area.
You can create a 401k loan worktag to associate the elements of the loan and repayment.
  1. Access the
    Enable Custom Worktags
     task.
    1. In an unused row, select the
      Custom Worktag is Enabled
       check box.
    2. In the
      Worktag Name
       field, enter
      401k Loan
      .
    3. From the
      Worktag Usage
       prompt, select
      Payroll
      .
    If you plan to upload the loan values from an Enterprise Integration Builder (EIB) spreadsheet, note the
    Dimension Name
     of the worktag. You need it to use in the
    Dimension Name
     column of the EIB.
  2. Access the
    Maintain Custom Worktag Values
     task.
    1. Select
      401k Loan
       from the
      Custom Worktage Type
       prompt.
    2. Add a new row and enter at least 1 valid value for the loan. Example: Enter
      Loan 1
       in the
      Worktag Value
       field.
    If you have employees with multiple loans, enter as many valid values for the loans as needed. Example: Enter
    Loan 1
    ,
    Loan 2
    ,
    Loan 3
    , and so on in the
    Worktag Value
     field.
The
401k Loan
 worktag type is available to associate all the parts of this calculation. In addition, the valid value of loans that you added as worktag values are now available for payroll input.
Create a loan repayment deduction.