Enter TSA updates on the Savings Plan screen

posted Jul 28, 2016, 4:41 PM by Peyri Herrera
MITI has completed the reconfiguration of the TSA enrollment process away from Benefits Administration into Base Benefits. Moving forward, all TSA updates will be administered directly on the Savings Plan screen (Main Menu > Benefits > Enroll in Benefits > Savings Plans). Please note this reconfiguration process will not impact any existing enrollments in savings plans. For full instructions on this revised process, please refer to the Benefit Administration v4.3 guide – see “Enroll or Change Participant Savings Plan” on pp.21-23.

Here is a snapshot of the Savings Plan screen:

Savings Plan

  • Coverage Begin Date: Enter the 1st of the month of the payroll period in which you would like the coverage to begin. Example: 8/1/2016

  • Deduction Begin Date: Enter the 1st of the month of the payroll period in which you would like deduction to process. Example: 8/1/2016. This deduction will process in August’s regular monthly on-cycle payroll processing.

  • Coverage Election: Enter Elect, Waive or Terminate. Example: Elect.

  • Election Date: Let the Election Date default to today’s date. Example: The 403/457 Administrator input the elections into PeopleSoft on 7/26/2016.

  • Benefit Plan: Click the lookup tool and select the appropriate benefit plan. Example: This employee is enrolling into a 403(b) plan.

  • Flat Amount: Enter the whole dollar amount of the elected monthly deduction in the Flat Amount field. Do not input fractions of a dollar. For example, do not input an election $103.45. 403(b) and 457 elections will be input in the Before Tax Investment area. 403(b) Roth elections will be input in the After Tax Investment area. Example: $200.00 election into a 403(b).

  • Investment Option: Click the lookup tool and select the appropriate Investment Option. If an employee has elected more than one investment options, add the desired rows (clicking + sign) to input the additional investment options. Example: This employee is investing in Empower invest option.

  • Investment Amount: Enter the dollar amount to be invested into this investment option in the Investment Amount field. If an employee has elected more than one investment options, the sum of the investment options must equal the total amount deducted. Example: This employee is investing their $200.00 deduction in Empower invest option.