The Payroll 401(k) Eligibility Report identifies employees who meet the criteria for participation in the company’s 401(k) retirement plan. It provides essential details such as hire date, department, and position, helping HR and payroll teams manage retirement plan enrollment and compliance.
When to Use It
- Benefits Administration: To determine which employees are eligible for 401(k) enrollment based on hire date and employment status.
- Compliance: To ensure adherence to federal and company-specific retirement plan regulations.
- Audit Preparation: To provide documentation of eligibility for internal or external audits.
- Employee Communication: To notify eligible employees about enrollment opportunities.
Who Uses the 401(k) Eligibility Report, How Often, and Why
