In this article:
Overview
A locked plan prevents plan members from changing the amount they're contributing to their group plan. This is useful when you need to finalize payroll figures or maintain consistent contribution levels.
Note: Locking a group plan prevents new hires from setting up their contribution elections. We recommend reviewing your employees' statuses before locking your plan.
How to lock or unlock contributions
You can adjust contribution settings at any time before an upcoming payroll cycle.
Follow these steps to lock or unlock contributions:
- Log in to Wealthsimple on the web
- Select Plans
- Select View on the plan you want to edit
- Under Settings, select Lock contributions
- Toggle between Lock and Unlock depending on your desired outcome
Note: We don't notify plan members when you change their contribution settings. Please ensure you communicate these changes as necessary.
Frequently asked questions
What does a plan member see when contributions are locked?
- If the plan is locked, the plan members will see a disclaimer that states the following:
- "Your employer is making contributions on your behalf and does not allow you to edit those contributions in your account. To make changes to your contributions, speak to your payroll department."
- If the plan is unlocked, plan members can update their contribution elections anytime in their contribution settings.
Does this affect employer matching?
Yes. Employer matching is dependent on the plan member's contribution. If the plan member contributions are locked, then employer matching contributions are also locked.
Comments
0 comments
Article is closed for comments.