There are more Post-Annual Enrollment questions and answers available!
I pay for my student loans or contribute to a 529 plan via paycheck deductions through SoFi. What do I need to do?
You’ll need to set up student loan payments with your student loan servicer and 529 contributions with your administrator. Payroll deductions for student loans and 529 plan contributions will not be supported after December 31, 2024.
Are there any changes to the 401(k) in 2025?
Not for most Workmates. However, participants in the Student Debt 401(k) Match Program must upload student loan payment information in Fidelity before January 15, 2025.
I don’t participate in the Student Debt 401(k) Match Program, but I’d like to start. What do I need to do?
The Student Debt 401(k) Match Program allows Workday to treat your student loan payments the same as your 401(k) contributions when calculating the Workday match. You’re eligible to participate in the program if you’re in student loan repayment and you contribute less than 6% of your annual pay to your 401(k).
To get started, you must enroll on Fidelity’s website and upload your student loan payment information. Your loan will qualify for the program from the day you enroll. You will be required to visit Fidelity’s website to provide documentation for any loan payments you want considered. This documentation must be loaded by the end of each year to receive the match.
How do I upload my student loan payment information in Fidelity?
Log in to your student loan servicer’s website and download your student loan statements for each month. Then, log in to Fidelity and go to your Student Loan Dashboard. Select View Payments to upload your statements and input the date of each payment. You must do this individually for each payment.
Once you’ve added all student loan payments, hit the Submit button. You must upload your 2024 student loan payment information in Fidelity before January 15, 2025, to receive the Workday 401(k) match for those payments.