There are 2 types of contributions available in My Plan. To model large employer matches, non elective deferrals and profit sharing we recommend using Income Linked Contributions. You may access Income Linked Contributions in My Plan > Income > Income from work via an income stream (use the pencil icon to edit) or in My Plan > Money Flows > Contributions.
Is your employer contribution greater than your contribution?
To account for an employer match that is larger than your contribution, we recommend the following:
Step 1: Ensure that you have entered a Work Income income stream
Step 2: Add an income linked contribution. Select the dollar amount option and enter your (employee) contribution. If you do not contribute any amount, you must enter $1 per month.
Step 3: Enter the the employer contribution in dollars
Step 4: Select your retirement plan as the recipient of the contribution
Step 5: Press save
Step 6: Head to Insights > Savings > Contributions and Returns to validate your data.
Do you receive profit sharing?
(Profit sharing plans are a type of plan that allows the employer to choose how much to contribute to the plan each year and with this type of plan there is no employee contribution.)
To account for profit sharing we recommend the following:
Step 1: Enter a separate Work Income income stream for $1 per month
Step 2: Add an income linked contribution. Select the dollar amount option and enter for $1 for your (employee) contribution
Step 3: Enter the the employer contribution, which is the amount of profit sharing you will receive
Step 4: Select your retirement plan as the recipient of the contribution
Step 5: Press save
Step 6: Head to Insights > Savings > Contributions and Returns to validate your data.
