There are times throughout the year that you may wish to change your deferral rate for specific pay, such as when receiving a commission or bonus. While there is no way to set up or schedule a completely separate or one-time contribution rate, you can change your contribution rate at any time.
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If you want to contribute more or less at specific times, such as when receiving a bonus, simply log into your participant dashboard and elect a new rate. It’s important to note that the contribution election will apply to the entire amount paid in that payroll. If the special pay is included in the same payroll as normal pay, the election will apply to the total amount.
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The contribution changes would need to take place before payroll processing, as the change cannot be made retroactively. Then, once the payroll goes through, you can adjust the contribution election back to your original or desired rate.