Risk Management - San Diego · Risk Management Department 401(k) Flex Contributions • Excess FBP...
Transcript of Risk Management - San Diego · Risk Management Department 401(k) Flex Contributions • Excess FBP...
401(k) Flex Contributions
Risk Management
Risk Management Department401(k) Flex Contributions
New 401(k) flex contributions line on paystub
Distinguishes 401(k) flex contributions from 401(k) contributions from regular salary
This is a small change that gives more clarity to the paystub
This does not alter any current benefit; it is simply a display modification
Paystub Change
*Note: City does not contribute to 401(k) savings plans
Risk Management Department401(k) Flex Contributions
Sample Paystub401(k) contribution from regular salary
401(k) contribution from FBP Credits
Risk Management Department401(k) Flex Contributions
• Excess FBP credits remaining after healthcare premium deductions can be allocated to your 401(k) savings plan only during open enrollmentor a qualifying event
• 401(k) contributions from regular salary can be designated through employee self-services (ESS) anytime
Things to Keep in Mind
Risk Management Department401(k) Flex Contributions
• If you are currently making 401(k) contributions from regular salary that were adjusted to include remaining flex credits, and you will now be designating excess FBP credits to 401(k) flex, you need to:1. Assess what amount you want only from regular
salary2. Adjust the regular salary contributions in ESS
Things to Keep in Mind (cont.)
Risk Management Department401(k) Flex Contributions
Risk Management Department401(k) Flex Contributions
Select the Self Services tab in the OneSD Portal
Risk Management Department401(k) Flex Contributions
Hit the expand button at the top right corner of the CoSD My Services tile to navigate to the Benefits tab
Risk Management Department401(k) Flex Contributions
Select the Benefits button to begin enrollment
Risk Management Department401(k) Flex Contributions
Select the Open Enrollmentlink on the Benefits page
Risk Management Department401(k) Flex Contributions
Select the Savings Plansbutton on the Benefits Summary page
Risk Management Department401(k) Flex Contributions
Click on the Add button to allocate remaining flex dollars to 401(k) Savings Plan
Risk Management Department401(k) Flex Contributions
Enter semi-monthly (notannual) contribution amount and beneficiary percentages
Risk Management Department401(k) Flex Contributions
Once all entries have been made, select the Addbutton
Risk Management Department401(k) Flex Contributions
After reviewing the 401k Flex entries, select the Review and Save button
Risk Management Department401(k) Flex Contributions
Review changes, then click on the Save button to save selections
Risk Management Department401(k) Flex Contributions
Be sure to look for green check markto ensure data saved successfully
Risk Management Department401(k) Flex Contributions
Risk Management Department401(k) Flex Contributions
From the Benefits tab in CoSD My Services, select the Anytime Savings Plans link
Risk Management Department401(k) Flex Contributions
Select the Next button on the Step 1 (Benefits Summary) page
Risk Management Department401(k) Flex Contributions
If you have a current contribution that you want to remove completely, select the Delete button
Risk Management Department401(k) Flex Contributions
Select the Yes button from the pop-up to end 401(k) contributions from your regular salary
Risk Management Department401(k) Flex Contributions
Click Next button
Risk Management Department401(k) Flex Contributions
Review summary, then click on the Save button to save changes
Risk Management Department401(k) Flex Contributions
Be sure to look for green check markto ensure data saved successfully
Risk Management Department401(k) Flex Contributions
If, instead, you have a current contribution that you want to revise, select the Editbutton in the Step 2 (Savings Plans) page
Risk Management Department401(k) Flex Contributions
Revise semi-monthly(not annual) contribution amount as needed
Risk Management Department401(k) Flex Contributions
Once all edits have been made, select the Addbutton
Risk Management Department401(k) Flex Contributions
Click Next button
Risk Management Department401(k) Flex Contributions
Review summary, then click on the Save button to save changes
Risk Management Department401(k) Flex Contributions
Be sure to look for green check markto ensure data saved successfully
Risk Management Department401(k) Flex Contributions
Questions