Employer Responsibilities (457 Plan)

Importance of Accurate Reporting and Compliance

The Department of Labor and the IRS have strict guidelines on the timeliness of contributions. The law states the employer must deposit participant contributions as soon as it is reasonably possible to separate them from the company’s assets, but no later than the 15th business day following each respective payroll date. Failure to remit compensation immediately to the employee’s account can make employers liable for losses that the employee might have suffered due to the delay and may also result in fines by the Department of Labor.

To assist agencies with timely remittances, the WRS 457 Plan is streamlining its processes and encouraging agencies to remit payroll contributions and remittance notices electronically. Taking this action will keep contributions moving forward, even when there is turnover in a responsible position. The WRS 457 is happy to help your payroll personnel learn to remit contributions electronically on Empower’s website, and fund contributions via ACH (automated clearing house) instead of mailing a paper check. 

It’s our goal to have all agencies using the electronic process. If your agency is already utilizing the Empower website to remit contributions online and using the ACH process, thank you. Each agency can access and confirm their payroll contribution processing and funding directly on the Plan Service Center (PSC), as well as run reports (participant deposit detail reports), and access the data on the PSC.

This process is more secure, protects your employees, and ensures that contributions are remitted in accordance with federal guidance.

457 Remittance Streamlining 

The Deferred Compensation team would like to partner with your agency to help streamline your remittance process from paper checks and paper remittances to Empower’s secure electronic tools for payroll contributions. This transition will save time, ensure timely and compliant submissions, and enhance security.

• To enable electronic online remittance and transition from check to automated clearing house (ACH) funding, please contact the WRS 457 team at 307-777-3325 or 457pln@wyo.gov to set up your agency’s payroll contacts with electronic Plan access.

• For electronic remittance of payroll contributions, Empower offers two methods: Guided Payroll for agencies with fewer than 50 employees, and a payroll file upload process for those with more than 50 employees. The latter requires prior file mapping setup with Empower.
• Submitting contributions by paper check can result in a 25-day delay for funds to be posted and participant shares to be purchased. To enhance security and protect sensitive data like Social Security Numbers, electronic remittance via ACH through Empower’s website is recommended as a more secure and timely alternative. Payroll contacts can link their agency bank account to the Empower Plan Sponsor website for electronic remittances, allowing for real-time tracking and reporting on the Plan Service Center, ensuring compliance and security.
• After electronic remittance is established, the agency may contact Empower directly for any payroll-related inquiries by calling the Plan Administration Line directly at 1-800-695-4952.

If your agency is interested in transitioning to the electronic process, please contact our office at 307-777-3325 to request the PSC authorization form. 

As a reminder, PSC access is not transferable from one payroll specialist to another. Each payroll specialist is required to have their own credentials, and the email addresses cannot be shared.

Thank you for helping us take the next step in streamlining our processes and protecting your employees.