This workflow template illustrates the processing and documentation of employee 401(k) information. Purchase and download this template in PDF, Visio and PowerPoint formats, and customize it to fit your organization, or use it to better understand the Benefits Accounting process.
Related KPIs : Average Benefits Expense per Firm-Wide Employee, Unit Cost: Enroll in Benefits, Retirement & Savings Expense as a Percentage of Total Compensation Expense
Benefits Accounting is a process that involves the processing and documentation of employee 401(k) information. Though new hires make up most 401(k) applicants, employees who want to change information or 401(k) policies are also involved. This process includes the education of applicants on 401(k) enrollment (this may involve the onboarding meetings and email information packets), the transmission of participant enrollment information to one or more related banks (the bank or banks involved in this process usually have a policy with the employee's company; any 401(k) policies enacted outside of the company's benefit's package may not involve the employee's company), the configuration of payroll deductions for participants and the validation of 401(k) fund transfers.Download a Sample Benefits Accounting
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