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Administrator Guide
Last Updated: 2023-06-23
Steps: Calculate 401(k) Loan Repayment (USA)

Steps: Calculate 401(k) Loan Repayment (USA)

Security:
  • Set Up: Payroll (Calculations - Payroll Specific)
     domain in the Core Payroll functional area.
  • Set Up: Enable Worktags
     domain in the Core Payroll Functional area.
  • Set Up: Payroll (Calculations - Generic)
     domain in the Core Payroll function area.
  • Worker Data: Payroll (Payroll Input)
     domain in the Core Payroll functional area.
  • Process: Run Batch Complete (Pay Complete)
     domain in the Core Payroll functional area.
Create a 401(k) loan deduction for employees who have accrued 401(k) savings to deduct the repayments from subsequent payrolls. Use worktags to associate the elements of the loan and repayment.
  1. Set up a worktag to associate the elements of the loan with repayment.
  2. Enter criteria for the loan and repayment, calculation details, limit settings, and groups.
  3. On the
    Add Payroll Input by Worker
     task, enter payroll input for the loan and repayment, and run the payment for the worker or pay group.
You've entered a one-time loan in the specified pay period. Workday deducts ongoing payments from worker pay until the loan is repaid.