It is recommended any time you have a change in job status such as these examples above that you contact Empower Retirement to make sure your most recent deferral election is what you expect it to be. Please visit the Empower Retirement Services website www.empower-retirement.com or you may also call (800) 922-7772 and speak with a representative.
It is important to note: If your change in job status also has a change in payroll frequency the dollar amount per paycheck will not adjust automatically with the change in payroll frequency. For example: changing from a monthly payroll agency to a semi-monthly agency and vice versa, or returning from a leave of absence in which you were paid once a month and now that you have returned you will be paid twice a month. If you were contributing $200 per paycheck monthly before the job change, you will be contributing $200 per paycheck semi-monthly as well (which would actually be $400 per month and not $200), which is why it is a good idea to contact Empower Retirement to confirm your deferral amount per paycheck in situations like these.