Payroll Processing. If you have employees who invest in Homestead Funds for either personal or deferred compensation plan accounts and you send their payroll deductions electronically, our bank information will be changing December 4. We will send the new bank information closer to that date along with updated Group Purchase Forms and the Employer Instructions to Submit Funds Form. You will only need to update the bank information.
If you do not make the required changes to the ABA and DDA bank information, your employees’ investments in Homestead Funds will be rejected after December 4. Please make the change as soon as possible after December 4 to ensure a smooth transition.
If you mail your cooperative’s payroll processing in the form of a check, our address is also changing. We will provide the updated address closer to December 4.
This change does not apply to any NRECA Plan investments.
Good news! In January we will be introducing new functionality to make payroll processing easier. Your employees will be able to control their fund allocations through our website. We will send more information on this important change in early January.