Before you run your first payroll, you must create pay codes (also called deduction codes) in your payroll system for the SecureSave contributions--one for employee deductions and one for the employer match/bonus.
- For the employee deductions, name the pay code something like "SecureSave Deduction". This deduction is post-tax and should be reported on the W2 in boxes 1, 3 and 5.
- For the employer match, name the pay code something like "SecureSave Match". This contribution is taxable to the employee as normal pay and reported on the W2 in boxes 1, 3 and 5.
If you are offering your employees a one-time signup bonus, we recommend using the "SecureSave Match" pay code when processing that.
Please work with your payroll vendor or payroll specialist to create these pay codes.