Take these five steps to implement deferral changes in payroll, process contributions and make payments for the Defined Contribution Plans.
1. Get Started!
Get access to MissionSquare Retirement’s web-based system EZLink.
- Complete the EZLink Access Form.
Become familiar with these guides, which will help you administer the Defined Contribution Plans:
2. Make Contribution Changes
Download the monthly report for deferral changes and update payroll accordingly (for decentralized state employers, political subdivisions and school divisions that participate in the Commonwealth of Virginia 457 Plan).
3. Submit Payments to MissionSquare Retirement
Submit contribution files in EZLink, using online entry or a pre-formatted batch file. For batch file information, contact MissionSquare Retirement.
Send payment to MissionSquare Retirement each time you withhold contributions from employee paychecks.
4. Review Contribution Limits
Monitor employee’s total contributions to all 457 plan(s) throughout the calendar year. Once the limit is reached, stop all 457 contributions and employer match, if applicable.
If an employee has exceeded the 457 limit, refer to step 5 for corrections.
For the Optional Retirement Plans, the 401(a)(17) limit is applicable and requires monitoring.
5. Make Corrections as Required
Follow this guidance to make member account corrections with MissionSquare Retirement.