Plan administrators may need to review past payroll contributions for reconciliation purposes or to diagnose occasional deduction errors. Guideline makes it easy to access historical contribution reporting for this purpose.
This article will focus on two channels of reporting: Confirmation of Withdrawal email notifications and Contribution Reports.
Confirmation of Withdrawal emails
When payroll contributions are processed and deducted from the bank account on file, administrators may receive a Confirmation of Withdrawal email. This email shows a breakdown of contributions for the specified pay date.
Two dates will be listed in the upper left corner of the email: Pay Date and Transaction Date. The Pay Date is the date of the payroll. The Transaction Date is the date Guideline withdrew the funds from the bank account. Note that some Confirmation of Withdrawal emails may contain more than one Pay Date. This may occur if multiple contributions from past pay dates are collected all at once.
The email will show the total Pre-Tax, Roth, and employer contribution amounts included in the contribution. Confirmation of Withdrawal emails may or may not include loan repayment amounts (if applicable) as well, which will appear as pre-tax contributions.
Contribution Reports are broken down by date. However, each Contribution Report date reflects the date the funds settled rather than the pay date itself. Note the report will also show the date of the transaction in the upper left corner.
Each report will provide a breakdown of contributions per employee. On the main Contribution Reports page, you can also access a Participant Contribution report to see total contributions per employee (rather than by transaction date) for specific timeframes.
Special Cases: Corrections and Lost Earnings Adjustments
After reviewing payroll contributions, you may determine that 401(k) corrections are necessary in some cases. Contributions may need to be reversed and lost earnings may be due. Please refer to this article for additional information about contribution reversals.
Please contact Guideline support if you need further assistance reviewing past contributions.