Remitting contributions under the Sponsor Centric model

Overview

Under the Sponsor Centric model, you manage employees' contribution elections internally and provide the final contribution data to Wealthsimple for both scheduled and one-off payroll.

Process a scheduled payrun

Depending on the number of plan members, you can choose to process contribution remittance in bulk through a CSV upload, or manually by searching their name.

Process a one-off payroll

Use a one-off payroll for amounts that fall outside your regular pay schedule, such as bonus payments, bulk adjustments for salary increases, or corrections for a missed payroll.

1. Log in to Wealthsimple on a computer.
2. Select the Profile menu in the bottom left corner.
3. Select your company name to go to your employer dashboard.
4. Select the Payroll tab.
5. Select Create a one-off payroll.
6. Select the pay date. This is the date contributions will be deposited into your employees' accounts.
7. Select No default contributions.
8. Select Upload contribution changes, then select Download contribution CSV.
9. Open the downloaded file and enter each plan member's amount in the "employee_contribution_amount" column. If employer contributions apply, also fill in the "employer_contribution_amount" column. Enter dollar amounts only, not percentages. For example, for a $1,500 bonus, enter 1500. You can only upload amounts for plan members with a "participating," "paused," or "terminated" status.
10. Drag and drop or browse your files to upload your saved file.
11. Select Upload CSV.
12. Select Finalize payroll and create CSV.
13. To make changes before the pay date, select Edit.

Adjust contributions

You can adjust a contribution in different ways, depending on the status of the payroll.

• If the payroll is still open for changes: You can edit a finalized payroll until the pay date. To make changes:
  1. Log in to Wealthsimple on a computer.
  2. Select the Profile menu in the bottom left corner.
  3. Select your company name to go to your employer dashboard.
  4. Select Review upcoming payroll.
  5. Select Edit to reopen the payroll.
  6. Update the contribution amounts. For several plan members, upload a corrected file using the Bulk CSV steps in Process a scheduled payrun. For a few plan members, use the pencil icon next to each name.
  7. Select Finalize payroll and create CSV to resubmit before the pay date.
• If the payroll is no longer open for changes:
  • If contributions are missing: Proceed to Process a one-off payroll for the missing amounts.
  • If contributions were made in excess, and the plan member is expected to be included in upcoming payruns: Reduce that plan member's amount in your next scheduled contribution remittance by the excess amount, so total contributions to date match payroll deductions. If the excess is more than their next contribution, spread the reduction across the following payruns until the full amount is recovered. The plan member will have received some contributions in advance, but you won't need to submit a reversal.
    • For example, if you contributed $100 too much and the plan member's next contribution is $60, enter $0 for that payrun and $40 less in the one after.
  • If contributions were made in excess, and the plan member isn't expected to be included in the next payrun (for example, a terminated plan member): Proceed to Reverse a contribution.

Reverse a contribution

If a contribution needs to be reversed after it's been deposited into an employee's account, you can request a reversal through our support team or your dedicated Client Success Manager. As the plan sponsor, you'll need to sign a Letter of Indemnity (LOI) and send it with your request. For the template and full steps, see Reverse an employee contribution. This process is the same across all payroll models.