In this article:
Overview
Your contribution remittance model determines who manages employee contribution elections and who processes payroll deductions for your plan. You can check which model your plan uses in your company settings without contacting support. Mid-market and enterprise plans can request a change through their dedicated Client Support Manager.
Check your contribution remittance model
You can check your contribution remittance model in your company settings on the Wealthsimple dashboard.
To check your current model:
- Log in to your Wealthsimple profile on a laptop or computer.
- Select the Profile menu in the bottom left corner.
- Select Company Settings.
- Select Payroll preferences.
- Under Contribution remittance model, you'll see your plan's current model: Wealthsimple Centric, Bicentric, or Sponsor Centric.
Understand the contribution remittance models
Each model depends on who captures employee contribution elections and who feeds payroll deductions.
| Model | Who captures elections | Who feeds payroll | How it works |
|---|---|---|---|
| Wealthsimple Centric | Wealthsimple | Wealthsimple | Everything is managed in the Wealthsimple dashboard. We calculate payroll deductions automatically from the elections and salary on file. You can still make manual adjustments if needed. |
| Bicentric | Wealthsimple | Your company | You download the contribution file with employee elections from the dashboard, process payroll, then upload the payroll file as calculated. You must use the template provided. |
| Sponsor Centric | Your company | Your company | You manage contribution elections internally and upload the payroll file as calculated. |
Which model your plan uses
- Plans for small and medium-sized businesses use the Bicentric model by default.
- Plans that use a Rippling integration use the Wealthsimple Centric model, which the integration requires.
- Plans onboarded before 2026 may use a different model.
Change your contribution remittance model
Mid-market and enterprise plans can request a model change through their dedicated Client Support Manager.
Frequently asked questions
Do the steps to process contributions change depending on my model?
Yes. The steps for processing a scheduled payrun, processing a one-off payroll, adjusting contributions, and reversing contributions depend on your model. Read the article for your model below.
Comments
0 comments
Article is closed for comments.