Payroll Deduct IRAs
Your organization’s Payroll-Deduction IRA, Roth IRA, SEP IRA or SIMPLE IRA has been moved to Mutual of America Financial Group’s new, enhanced digital platform. Here is what you should do now to help ensure the continued, seamless administration of your organization’s plan:
- Review the new template spreadsheet applicable to your type of plan below:
- You should use this spreadsheet going forward when remitting payroll-deduction contributions to us. Do not delete any columns. The key columns you need to complete are SSN, Plan Compensation, Hours Worked and Contributions.
- Reminder: Do not mail or email payroll data to us. Instead, please upload your payroll data using our Data Validation Web (DVW) functionality (after you log in to your account in SponsorConnect, our online plan administration system, click the DVW link).
- Do not complete a money-type column (e.g., Contributions) that is not available under your organization’s plan. Doing so may cause a loading error.
- Example: If your organization’s plan does not have Employer Contributions, do not include data in that column.
We now offer DVW services for many of our retirement products. Full DVW functionality, however, is not available under your organization’s IRA, Roth IRA, SEP IRA or SIMPLE IRA plan.
- You cannot enroll employees into this plan using DVW. You should continue to send completed enrollment applications to a Mutual of America service representative.
- You can terminate employees from this plan using DVW. To do so, either (a) click Edit Data (after submitting data) to add the termination date manually on the DVW screen, or (b) include the termination data in the initial file submission.
Please see our helpful User’s Guide for instructions on opening a Work Order to pay contributions. If you would like to establish an automated schedule, you may contact a Mutual of America service representative.