Take a Shortcut and Modify our Payroll Deduction Schedule
As you travel through the journey to launching your new plan or renewal plan this year, there is one central item that everyone must have a clear understanding to communicate effectively, the payroll deduction schedule.
All too often, we see this done on a notepad, chicken-scratch on a sticky note, or just passed back and forth in an email.
Stop, don’t do it. LOCK IT DOWN.
This one document gets referenced in all communications whether paper or electronic.
This one document gets referenced any time an employee questions their paycheck.
This one document gets referenced as the building block of all payroll deduction entries both for Open Enrollment and for all New Hires.
Make an effective payroll deduction schedule for your entire organization to reference.
Easy, just use ours—the formatting and math formulas are already done. Contact us and we’ll email over the Excel spreadsheet.
The document is already set up for the most common # of deductions–26 weeks in a year (Bi-Weekly). You can of course adjust to a 24, 50, or 52-week schedule by modifying the formula in column “F”.
Items to note on the payroll deduction schedule:
Our basic schedule uses 3 Health Plan options.
If you want to be like us, focus on the middle plan as the plan which all employer contributions are calculated. We prefer to keep the employer contribution moderately high (80% to 90%) on this plan. We suggest keeping that exact same dollar amount as your employer funding money to any “buy-up” plans, and suggest giving the employee who is willing to “buy-down” the difference in costs you save as an HSA contribution.
When see the spreadsheet, you’ll clearly see how we structure Triple-Option offerings.
Our basic schedule also includes sections for Dental, Vision, TeleMedicine, Life, and Disability.
If you need a more complex version, we’ll be happy to share those too.
We want to save you time and frustration this renewal season–and we’ve been building these for years.
Name it “Final” and trash all draft versions of the payroll deduction schedule.
The idea is to have the document to be accessible for your entire team, as inevitably, questions will pop up throughout the year.
The worst thing you can do is save multiple “Draft” versions and never name your approved and proofed version as the “Final” version. And just purge the drafts–they will wreak havoc with your teammates if anything is unclear.
Enjoy the zen of having a reference point that becomes your company truth throughout the year.
