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Change Benefits (TDA Plan Change)

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This job aid outlines the activities for an Employee to set up a Tax Deferred Account (TDA) Plan in Workday.

Important Information

  • The TDA Coverage Effective Date will be the first of the month after the Benefit Event Date.
  • Employees can change their vendor or contribution amount once per month and have as many vendors as they choose. However, investing with multiple vendors does not necessarily lead to diversification.
  • To stop TDA contributions, enter $0 and/or 0% in the Employee Contribution section. Remove the Employee Contribution Allocation.

Getting Started

Change Benefits

  1. From the Workday Home page, select the Benefits application.All aps with the benefits worklet highlighted
  2. Select Benefits under Change.The benefits button under the change column
  3. Read all the instructions on the page. In the Change Reason field, select TDA Plan Change.The change benefits page with TDA plan change selected under change reason and the instructions on the right-hand side
  4. Enter today’s date. The Submit Elections By and Benefits Offered will auto-populate based on what is selected previously.The change benefits page with the today's date field and submit button highlighted

Note: The TDA Coverage Begin Date will be the first of the following month and the deduction will be seen on the paycheck for that pay period (e.g., with a Benefit Event Date of 8/16, the Coverage Begin Date will be 9/1 and the payroll deduction will be seen on 10/1).

  1. Select Submit. You will see the following message.You have submitted window with the open button highlighted
  2. Select Open.Let's get started button highlighted
  3. Select Let’s Get Started.

TDA Plan Change

  1. You will now have an opportunity to make updates to your Tax Deferred Account. Select Enroll.TDA plan change page with Enroll highlighted
  2. For the Contribution Type, select Amount (a flat value) or Percentage (which will track better with any increases or decreases in salary).Retirement savings elections by coverage type with percentage selected as the contribution type

Note:  If you select Percentage, do not put 100% in the Contribution (%) field as this would result in a $0.00 paycheck.

  1. Designate the Percentage of your Employee Contribution under the Plan Contribution Percentage column.Employee contribution table with the plan contribution percentage column highlighted

Note: The total allocation must equal 100%.

  1. Select Continue.
  2. Update another plan or select Review and Sign once you are ready to submit your changes.Review and sign button
  3. Select the I Agree checkbox after reviewing your elections.Electronic signature below the agreement information with the "I accept" checkbox highlighted
  4. Select Submit.
  5. Select Done.A page saying you've submitted your elections and the done button is highlighted

This completes the Change Benefits (TDA Plan Change) business process.