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How to Remit Contributions
Remitting contributions to our plan is straightforward, secure, and should only take a couple minutes while you’re doing your payroll for the period.
We will provide your payroll team with a simple contribution remittance template and a secure portal login to be able to send it safely. Here is the general process that an employer follows to get contributions into employee accounts:
- Each pay period, your payroll team updates our contribution remittance template with the compensation and contribution information for the current period.
- Your payroll team uploads the updated remittance file to a Moveit Secure Email Portal where our team picks it up – think of this portal as a secure pipeline directly from you to the plan administrator.
- We’ll take it from here!
Once the completed remittance file has been uploaded, our team will submit an ACH debit request to your company’s bank account on file for the amount needed to fund the contributions. For example, if the total contributions for the period are for $159.23, the ACH debit request submitted on the pay date will be for that amount. You are always welcome to upload the file early – we will simply sit tight on processing until the pay date specified in the file. The same day that we send the debit request, we send a confirmation email to you and any other email addresses you specify confirming the debit request has occurred. As soon as we receive the funds from your bank, we invest them in participant accounts according to your remittance file.
The DOL has issued safe harbor guidance for when contributions must be remitted to a qualified plan.
- 401(k)/Roth 401(k) deferrals should be remitted within 7 days of the pay date.
- Prevailing wage fringe contributions should be remitted by the 15th day of the month following the month in which the work was done. For a new employee, the employer can elect to “hold” the fringe benefit wages for an initial eligibility waiting period of 30 or 60 Days of Service, as elected in the Participation Agreement.
- All non-prevailing wage employer contributions (match, safe harbor, profit sharing) should be determined before the employer files their corporate tax return for the year.