How to Submit Contributions to Your Retirement Plan

Transcription

1 How to Submit Contributions to Your Retirement Plan State Farm Mutual Funds provides you with a simple and convenient way to remit contributions to your retirement plan via the Plan Sponsor Website. Following are the steps that you will take to process your first roster as well as subsequent rosters. The Plan Sponsor Website allows you to create a roster list and submit contributions safely into your employees retirement plan accounts. Funding for the contributions will be completed via Automated Clearing House (ACH) by using the bank account information that we have on file. (If you have not already provided bank information when the plan was established, please complete the Banking Information section of the Contribution Remittance form and return to State Farm Mutual Funds.) This means no checks, paperwork or mailing is required. Please follow these easy steps to submit contributions to the plan for the first time: 1. Access Add New Payroll by clicking on the Payroll tab. 2. The Payroll page will display previously submitted payrolls. To submit a new payroll, click Add New Payroll and then select Manual.

2 3. The information on the Add a New Payroll screen will help you to identify the employees and the money types that will be used to process contributions. To process SIMPLE contributions, please make the following selections: a. Under Status of Participants use the default setting of ALL. b. Employer Contribution and Employee Contribution make the following changes: i. Employee contribution check this box ii. Employer contribution check this box To process SEP contributions, please make the following selections: a. Under Status of Participants use the default setting of ALL. b. Employer Contribution and Employee Contribution make the following changes: i. Employer contribution check this box Click on Continue to proceed to the next step. 4. Payroll Date: The Payroll Date field is used to designate the tax year for which you are submitting contributions.

3 The tax year may only be the Current Tax Year or Prior Tax Year. a. For Current Tax Year: The Payroll date will default to the current date. You may choose to change this to a date coinciding with your payroll records. b. For Prior Tax Year: You will need to change the payroll date to 12/31 of the prior year. This may be done when submitting contributions in January through your tax filing deadline that you would like to designate for the prior tax year. 5. Payment Type: This field will default to ACH. (Note: If this field is blank, please call You will need to establish banking instructions on your plan.) 6. Participant Listing: This section will list all participants which have an account opened within your retirement plan. (Note: If you do not see one of your participants names listed, please check with your State Farm agent to establish an account. We cannot accept contributions for a participant until we have an account established.) a. Participants will be listed in order by social security number. If you prefer to have them listed alphabetically, click on the NAME column heading above the first participants name. b. Deleting participants: You have an option to remove any participant from the roster listing if you are not submitting a contribution amount for them. i. Click in the box next to the name. ii. Click on the Delete Selected Participants button. iii. Click Yes that you are sure you want to delete the participant from the roster. 7. Contribution amounts: For SIMPLE IRA plans: a. Employee elective deferral contributions: enter the amount in the employee contribution column. b. Employer match or non-elective contributions: enter the amount in the employer contribution column.

4 8. Verify new Payroll: This screen is used to validate the correct total amount. If the amount and funding method is correct, click SUBMIT.

5 Processing Subsequent Rosters Because your participants contribution amounts will likely not change often, Roster Processing provides the Model Roster function. This function enables you to copy a previous roster as a working copy for your new roster. Rather than re-entering all of your participants contribution amounts, you can simply make adjustments for those participants whose contribution amounts have changed, saving you time. Here s how Model Roster works: 1. Click on the Payroll tab. 2. Click the Actions dropdown and then select Copy. 3. Payroll Date field will default to the current date. a. You may change this date to coincide with your new current tax year payroll date. b. Or make this contribution a prior tax year by changing the date to 12/31/XX of the prior year. 4. Participant Listing: Compare the participants listed that you would like to submit contributions. Only the participants who had contributions on the previous roster will appear. a. Make any changes to the contribution amounts. b. If there are participants that have contributions who are not listed, click the Add SSN button. You may add all participants to the roster or select individual participants. 5. Transmit Completed Roster a. Once the totals agree, click Continue. 6. Follow the previously outlined steps to verify and submit the roster. You will again have an opportunity to print off the confirmation of the new roster that was submitted. 7. Go to the Payroll screen, and you will see the newly created roster in held status. This will be processed per the Trade Date listed.

6 a. Rosters submitted at or after 3:00 Central Standard Time (CST) will receive pricing of the next business date. b. If you have any questions or experience any problems submitting your roster, please call for assistance. Securities Issued by State Farm VP Management Corp. For more information, call Securities are not FDIC insured, are not bank guaranteed and are subject to investment risk, including possible loss of principal. Neither State Farm nor its agents provide tax or legal advice. AP2017/06/0288