Overview
You will need to setup a benefit deduction code for Icon in your payroll system. This generic after-tax deduction will be where you record payroll contributions for individuals who join the plan. You should set up a new deduction for Icon — don’t use an existing retirement deduction type.
Don't use an existing deduction code -- make a new one.
Payroll providers often have pre-configured deduction codes for various types of retirement plans. Icon is a payroll deduct traditional IRA and should get a new code created specific to this plan type.
Do not use any pre-configured deduction codes for any other type of retirement plan as they will record the amounts incorrectly. Some plan types include "IRA" in their name as well, but you should not use them (e.g. "SIMPLE IRA" which is a different type of plan).
Setup Steps - Generic
Every payroll system is slightly different, so keep that in mind when following these general guidelines. We have more detailed instructions for specific payroll providers below.
If you need some help you can contact your payroll support team and ask for instructions on how to add a "generic after-tax deduction for an exact dollar amount".
Look for a Deductions or Benefits section in your payroll system that contains benefit deductions.
Add or Create a new deduction.
Use the following settings:
Name: "Icon Portable Retirement"
Type: "After Tax"
Amount: "Exact dollar amount"
Save the new deduction.
There are often additional setup fields like limits, employer contributions, or percentages -- leave all of those blank or un-configured.