What if an eligible employee wants to opt-out of auto enrollment after deductions have begun (i.e. after entry date)?
If an eligible employee has not filled out the appropriate Election Form (opt-out) before the annual entry date, they will automatically be enrolled in the plan at the pre-determined deferral percentage. If a participant wants to opt out within 90 days of being auto-enrolled, they can stop their deduction by filling out an Election Form (opt-out). The form is then given to the payroll contact so the payroll can be properly adjusted. The payroll contact must then forward the Election Form (opt-out) to Freedom One.
Related Questions
- What happens to the contributions that have already been invested if an employee wants to opt-out after deductions have begun (i.e. after entry date)?
- What if an eligible employee wants to opt-out of auto escalation after deductions have begun (i.e. after annual escalation date)?
- How many hours must an employee work to be eligible for enrollment?
