Duration: 60 Min.
Description
One of the most common ways that employers & plan sponsors will require loan payments to be made will be payroll deduction—taking the amount out of participant’s compensation, just like contributions. And this information can then be part of the import file that is brought into Relius Administration each period. In this way, processing loan payments can be just as efficient and easy as processing contributions and payroll. And Relius will also take care of the exceptions, or at least deal with them in the way you have specified.
In this session, we will:
- review Plan Specs for Loan Payroll Import
- set Up a Census DER to import loan payment information
- import loan payments & create transactions
- post loan payments using loan payroll import
- process payment exceptions after importing loan payroll information
- view additional loan reports