Employer Sponsored Retirement Plan Tab

Employer Sponsored (Pre-defined) Retirement Plan

This qualified plan would be an employer sponsored retirement plan of which the advisor is not an active participant by making recommendations to the client (for example, an employer sponsored defined benefit plan).

Note:If the employer does not have an employer sponsored retirement plan, uncheck the Employer Sponsored (Pre-defined) Retirement Plan checkbox on the Visible Fields tab.

Contributions Based On

Select the method that the employee contributions are based on. The options are:

% of Paycheck

Specific Dollar

$ then Percent

Retirement Plan

None

Retirement Plan

If Retirement Plan is selected in the prior prompt, select the retirement plan to use for the contributions. If the plan makes contributions as a percent of pay, the value will be displayed here and in the Paycheck Calculator; but it will not be available to edit.

Notes:If the employer has different pension plans that they work with, or different tiers of the same pension plan, with different contribution levels for the employee, select % of Paycheck. Then for the Prompt enter the name of the plan. (You may want to abbreviate the name. For example, rather than California STRS, enter CalSTRS).
RetireReadyTM works hard at keeping the pre-defined retirement plans included with TRAK up to date. Invariably, however, there is a lag between the occasional changes made in a plan and TRAK being updated. In this rare instance, if the employee makes contributions as a percent of their paycheck, you may want to select % of Paycheck in place of using the retirement plan.
If the retirement plan you are working with is not listed, and you would like it added, contact RetireReadyTM at Support@retireready.com.

Dollar Contribution

If the employee's contributions are a specific dollar value, enter the value here. It will be used as a default, but may be edited in the Paycheck Calculator.

Percent Contribution

If the employee's contributions are a percent of pay, enter the percent value here. It will be used as a default, but may be edited in the Paycheck Calculator.

Prompt for Value in Main Paycheck Data Entry

If the contributions are based on a percent of paycheck or specific dollar value, by default a prompt will display in the Paycheck Calculator. If the value does not need to be modified for each paycheck (e.g. California STRS is 8% of pay), uncheck this box and no prompt will be displayed.