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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 also 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 your Wealthsimple profile
- Select the Profile menu
- Select your employer name from the menu
- Select Plans
- Select the plan you want to edit
- Scroll down to Manage plan
- In the Lock contributions box, select Lock or Unlock
Note: We don't notify plan members when you change their contribution settings. Make sure you communicate these changes to your employees directly.
Frequently asked questions
What does a plan member see when contributions are locked?
- If the plan is locked: Plan members will see a message in their account stating that their employer is managing contributions on their behalf and that they should speak to their payroll department to make any changes.
- If the plan is unlocked: Plan members can set or update their contribution elections at any time in their contribution settings.
Does this affect employer matching?
Yes. Employer matching is tied to each plan member's contribution amount. When plan member contributions are locked, employer matching contributions are also locked.
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