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OVERVIEW
TruPay offers a complete 401(k) management system built into Millennium. From voluntary deduction setup at a company level, where it becomes defined, to employee setup where it gets withheld from participating employees, the system provides for the ability to capture contributions and matches and subsequently process them via an agency check either in check or ACH transaction format.
It contains setup screens that allow the company to define:
- Available status codes for plan participation
- Fund setup with descriptions
- 401(k) match calculations (usually scripted in VBA)
- Contribution source definition
At the employee level, the system also captures those employees that are highly compensated, an owner (and at what percent), and owner related Social Security Number for discrimination testing purposes by the Third Party Administrator of your choosing.
Finally, a 401(k) file with new employee enrollment data as well as periodic contribution data can be programmed to meet your exact specifications.
