W-2 Data in PensionPro

Finch automatically collects comprehensive W-2 compensation data from the employer's payroll system to ensure PensionPro receives complete information for annual plan testing and compliance reporting.

What W-2 Data Does Finch Collect?

Finch collects the following W-2 boxes required for retirement plan administration:

• Box 1: Wages, tips, and other compensation

• Box 3: Social Security wages

• Box 12: Retirement plan deferrals and contributions (up to 4 entries - 12a-d)

Box 12 includes critical retirement data such as:

• 401(k) elective deferrals (Code D)

• 403(b) elective deferrals (Code E)

• 457(b) elective deferrals (Code G)

• Roth 401(k) contributions (Code AA)

• Roth 403(b) contributions (Code BB)

When is W-2 Data Collected?

W-2 data is collected in February after the employer's payroll system has finalized W-2 forms for the tax year. Finch retrieves this information directly from the payroll provider and includes it in files sent to PensionPro.

Finch triggers this process automatically in February - you don't need to manually provide W-2 information to Finch.

Which Payroll Systems are Supported?

Currently, W-2 data is supported for the following providers, with more providers being added:

• ADP Run

• ADP Workforce Now

• Quickbooks

• Paychex Flex

• Paycom

• Paylocity

• UKG Ready

• Dayforce (Ceridian)

• Patriot

• Payroll Office of America (SAAS HR)

How is W-2 Data Mapped to PensionPro Files?

When W-2 data is available, it will be mapped to specific columns in the file:

Before W-2 information is available, or for providers where W-2 is not currently supported, Finch will fall back to payroll mapping to determine the value that gets populated:

• Before February (no W-2 data available):

  • Compensation column uses the payroll compensation mapping

  • Pre-Tax Salary Deferral column uses payroll deduction data mapped to 401(k) or other pre-tax deferrals

  • Roth Salary Deferral column uses payroll deduction data mapped to Roth contributions

  • Box 3 Compensation column remains empty (only populated by W-2 data)

• Once W-2 is available, any files generated will use the following mappings instead of the data indicated above (before W-2 data is available):

  • Compensation column is Box 1 W-2 data, replacing the payroll-based compensation value

  • Pre-Tax Salary Deferral column is Box 12 codes D, E, or G from W-2 data, replacing payroll deduction amounts

  • Roth Salary Deferral column is Box 12 codes AA or BB from W-2 data, replacing payroll deduction amounts

  • Box 3 Compensation column is populated with Box 3 W-2 data

The Finch Dashboard will display when the W-2 data is synced for each connection in the Overview tab.