Your payroll submission file will be uploaded each payroll period to Sentinel. The file will include your plan participant deferral contributions, any applicable loan repayments and employer contributions (if deposited each payroll period). In addition, the file must contain demographic data for the employees of your company, including compensation and hours for the current payroll period. The file must also provide any compensation that is excluded for plan contribution purposes.
Upon receipt, Sentinel automatically processes and uploads your payroll information and contributions to our database. An automated summary report is emailed to your HR/Payroll department. The report reconciles the payroll submission by source. Sentinel will then initiate an ACH request for the contribution/loan repayment money from your company’s payroll bank account. Funds will be received within 1 to 2 business days. Upon receipt, the money will be invested in participant’s investment allocations.
