Tools to Help Your Participants Shrink High-Interest Debt

Volatile markets, inflation, and rising interest rates are enough to make even the most stoic investor feel a little stressed when it comes to protecting their money. Learn how to help your participants tune out the noise and turn their money from a source of stress to a source of some peace of mind.

Download the New IRS W-4R Withholding Form

Your plan website has been updated with the 2023 version of Form W-4R, as required by the Internal Revenue Service (IRS). Updates include withholding instructions, a new and revised form, and new withholding rates, where applicable. It is expected that the IRS will update the withholding instructions annually.
 
Prior versions of the distribution form will be accepted for processing through March 31, 2023, after which they will not be considered in good order and will not be accepted for processing. To avoid delays, always download a current version of the distribution form directly from the plan website and begin using it right away.
 
As a reminder, Form W-4R is used for nonperiodic distributions (those payable on demand). Learn more about the new form on the IRS website.
 
Participants can now choose a federal withholding rate between 0–100% (instead of a minimum of 10%) to be applied to distributions, such as hardship distributions or required minimum distributions, that are not eligible for rollover into another retirement vehicle. Distributions eligible for rollover and paid to the participant are still subject to a mandatory 20% federal withholding rate, which can be increased by the participant.

Learn What SECURE 2.0 Means for You

The SECURE Act of 2019 has been followed by a package of several bills, collectively dubbed “SECURE 2.0.” These bills were eventually combined into a single bill, the SECURE 2.0 Act of 2022, which was signed into law on December 29, 2022. The new legislation has many wondering, “What does this mean for my business?” Read this high-level summary that addresses some of the SECURE 2.0 Act’s key provisions, several of which will take effect this year.

Take Advantage of Payroll 360’s Many Benefits

If your plan includes auto-enrollment and auto-escalate features, implementing Payroll 360 can be beneficial. Payroll 360 integrates your payroll system and retirement recordkeeping platforms to automate key tasks, keep census and payroll data up to date, increase accuracy, and support compliance efforts—all while reducing the time you spend on payroll-related tasks.

We’ve added a significant number of new payroll integration partners over the past few months, including UKG, Ceridian, Workday, and Rippling, and plan to add more in the coming months.

Learn how payroll integration can benefit your plan by reviewing the Payroll 360 fact sheet or contacting your client service team.

Helping You Boost Employee Enrollment

Offering your employees a retirement plan demonstrates your commitment to the security of their financial future. It can also be a great tool for attracting and retaining employees—and improving their satisfaction with their benefits package. We’re committed to helping you drive plan enrollment.

For plans that receive enrollment guides, either via hardcopy or electronically, we have increased the frequency with which we deliver guides from monthly to weekly—enabling more employees to join the plan sooner.

We’ll begin distributing emails to employees on a more regular basis to help drive plan participation. An initial email will be sent quarterly to eligible employees not enrolled in the plan, followed about four weeks later by a reminder to those who have not enrolled after receiving the initial email.

There’s No Better Time to Go Paperless

Reduce the time it takes to prepare and print hardcopy notices, while saving on postage and mailing costs. If you haven’t already, enroll in eDelivery from the homepage of the plan website or by navigating to Plan > Delivery Services, where you can also review your current elections. Participants can also opt in to eDelivery on their own from the employee website or via quarterly emails that allow eDelivery election with one click. What are you waiting for? Enroll today. Contact your client service team with any questions.