In Benefits Setup> Plans and Options for retirement plan options with a country selection of Canada, in the Contribution tab, the Option Consists of drop-down list shows the Remaining Flex Credit Amount option. This option shows only if you select the Subject to Flex Credit Benefit checkbox in the General tab of the retirement plan. When you select this option, in the Minimum Allocation Amount field, you can set the minimum flex credit amount that must be allocated to the plan option during enrollment. The minimum amount that you set is shown by default for the employee during enrollment. If you don’t set the minimum amount, the employee can allocate the remaining flex credit amount to the plan option. Dayforce saves any remaining flex credit amount that the employee allocates to the option as an employer annual contribution amount.
In the General tab of Benefits Setup > Plans and Options for retirement plans, when the Subject to Flex Credit Benefit checkbox is cleared, in the Contribution tab for the retirement plan option, the Auto Enroll checkbox shows and you can configure the employee and employer contribution values for the option.
In the Contribution tab of the retirement plan option, you can configure the following settings:
| Field | Description |
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Auto Enroll |
Determines whether employees must actively elect to participate in the option. When the checkbox is selected, employees who qualify are automatically enrolled in the option by the Benefits Auto Enrollment Option Process background job or the benefits eligibility recalculation that runs whenever a workflow includes the Benefits Enrollment node. This occurs regardless of whether employees access Benefits and elect to enroll in the option themselves. By default, the option is preselected when employees access the enrollment, and the selection can't be changed. If you want employees to change this selection during enrollment, configure the employee deferral as a percentage and set the Percentage Specified By selection as Predefined, allow Employee Changes on Enrollment. Note: If you have configured proration rules for the option, these rules apply to the elections of employees who are auto-enrolled. See Proration Rules. |
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Option consists of |
Determines how the retirement contribution is configured. The options are:
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Round Up Per Pay |
Dayforce rounds up the per-pay amount to the next penny to ensure that the annual deduction is always met in full. Example: An employee that is paid biweekly has an annual deduction amount of $1,200.00. They’re paid 26 times during the year, and without the checkbox selected, the per-pay value is rounded down to $46.15, resulting in an annual amount of $1,199.90. When the checkbox is selected, the per-pay value is rounded up to $46.16, and the employee's first 25 deductions are made at this rate, while the final deduction is $46.00, which results in an annual amount of $1,200.00. This rule applies to contribution amounts and not percentages. Dayforce doesn't show this checkbox if you selected Per Pay in both the Defer Period (employee) and Contribution Period (employer) drop-down lists. |