Sponsors configure their payroll systems and individual pay statement items, leading to non-standardization across their pay statement items. Finch provides the tooling to map these pay statement items into sources and codes before submission into PensionPro.
Step 1: Navigate to a Sponsor's Connection Details Page
The Finch Dashboard contains information for each sponsor connection. Navigate to the Connections page and select a sponsor for details on the connection.
When pay statement items are ready to be mapped, you will see a banner in the Dashboard. Click View Now or click on the Pay Statement Mapping tab to access the mapping tool.
Step 2: Select the Date Range
You can select a date that you would like to see unique pay statement items from. For example, if you are interested only in items that an employer has had since January 1st, 2024, you can do so via the selector.
Step 3: Map each Pay Statement item
The Payroll Mapping tab contains all the distinct pay statement items present in pay runs across all employees since the beginning of the year (ex. January 1st, 2024). You will see that each item has been categorized by Finch into Earnings, Deductions, and Contributions.
On the left, you will see a list of standard Labels associated to each of the categories. On the right under Pay Statement Item Name dropdown, each pay statement item will be shown exactly as it appears in the payroll system. You will need to select the relevant item(s) for the relevant Labels as required by that plan.
Note that Finch will apply default rules to perform this mapping so you don't need to start from scratch.
The Labels available are standard values for Retirement, and include the following options:
- Bonus
- Holiday
- Overtime
- Regular
- Salary
- Sick
- Vacation
Additionally, each Earning Label will need to be indicated as Eligible if applicable. Earnings eligibility determines whether the item is considered part of eligible compensation in the plan design.
Step 4: Confirm changes
Once all items have been mapped and eligibility set, click Save Changes. Then, confirm the changes in the confirmation modal. Each pay statement item will then be mapped to the associated label.
Moving forward, Finch will use this mapping any time a file is generated for this sponsor and shared with PensionPro.
FAQ
Does this mapping need to occur for each sponsor?
Yes, because each payroll provider is set up differently, the mapping will need to be done for each sponsor. However, Finch applies default values that you can confirm.