WRS 457(b) Plan Update: New Requirement for Electronic Remittance and ACH Payments

This modernization enhances data security, ensures compliance with federal regulations, and eliminates processing delays associated with paper checks.

Why this change is necessary:

* Increased Security: Electronic transmission eliminates the risk of sensitive participant data being lost or intercepted in the mail.

* Timely Vesting: Electronic remittance allows participant funds to be invested faster, maximizing growth potential.

We are providing an 18-month transition period to allow payroll teams sufficient time to implement these changes. Please note that any paper submissions received after November 1, 2027, will be assessed a $50 penalty per pay period.

This timeline schedule serves as a baseline, we encourage agencies to transition earlier where possible. For further details on transitioning, click here for an 18-month roadmap to modernize the 457(b) plan remittance process.

Implementation Timeline at a Glance