If you have a retirement plan policy through us in addition to payroll services, the loan number is a required field that was assigned when the employee initiated a loan from your company's 401(k) plan. You will find the loan number on your 401(k) website, within the Loans section. Once on the Loan page, Display all Loans to view their details. Add the Loan ID for the appropriate employee from the 401(k) site to the Loan Number field in the payroll site.
Adding a 401(k) Loan Repayment Deduction to Your Company
- Once you are logged into your payroll account, click on Company and select Company Deductions.
- Click Add New Deduction
- From the Deduction Category, select Other Post Tax Deductions.
- Select 401(k) Loan Repayment
- Enter your Deduction Description
- Click Next
- Verify the 401(k) loan information displayed is correct.
- Follow the steps below to add the 401(k) to an Employee
Adding a 401(k) Loan Repayment Deduction to an Employee
- Click on Employee Tab
- Click on the Employee name located in the Employee list
- Click on Deductions
- In the “Create New Deduction” section, select 401K Loan Repayment 1
- Enter the Deduction Amount
- Select how the deduction will calculate (Percentage of Gross/Flat Dollar Amount)
- Enter the Deduction Goal Amount. If there is no Goal Amount, enter 999999999.
- Click on Save
- Verify the 401k loan information displayed is correct.
- You can process your process payroll as normal.