When employees change their savings rate, employers will be alerted to those changes directly through the J.P. Morgan portal. When the View Deferral Change button on the "Contributions" page is highlighted in RED, employers will see a list of recent savings rate changes.
Employers are responsible for monitoring these change alerts and making the changes on the payroll system before running the next payroll. Employers may also receive a savings rate change notice via email four business days prior to each scheduled payroll date reflecting any open savings rate changes at that time.
Reviewing Savings Rate Changes
An employee will stay on this table until you mark them complete by checking the box and clicking the Mark Competed button. Only select this button once you have taken action to update the savings rate in your payroll system or in your records used to calculate contributions. It is important that you keep this table up-to-date to ensure your notifications are correct.
- Click on the View Deferral Change button.
- Notice the “Change” column.
- Update your payroll system or payroll contribution file for this and all future payrolls.
- Check the boxes next to the employees' names.
- Then click Mark as Complete.
This will remove the reminder on this page and help you stay current on the savings rates your employees have elected.
If you have any questions, please reach out to us at everyday401k.success@vestwell.com.