All Guideline 401(k) plans include an automatic enrollment feature. At least 10 days before the auto-enrollment (or 30 days for new plans), eligible employees will receive an emailed notification with the deadline.
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If employees do not manually set up their account or opt out before their auto-enrollment date, they will automatically begin contributing at the default deferral rate.
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The default deferral rate is the percentage of employees’ pay that will be deferred into their 401(k) accounts if they do not make their own election by the deadline.
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If the 401(k) account has an auto-escalation feature, then the default rate will also increase each year until it reaches a certain percentage.
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Employees can choose to change their deferral amount at any time within their Guideline dashboards.