If loan IDs are required in the recordkeepers file spec, a loan mapping will need to be completed for all outstanding 401k loans once a plan has been onboarded. To upload the loan mapping template, MFA will need to be enabled (Enabling Multi-Factor Authentication).
While the loan mapping can be completed for the most part by the plan sponsor, they may need some assistance with loan IDs. The guide found here outlines the steps to complete the loan mapping.
While the loan mapping is important for those recordkeepers who require loan IDs to be included in payroll files, the mapping becomes especially important for plans that allow multiple loans to be taken out at a time. This mapping will manually log all of the outstanding loans in the Payroll Integrations platform prior to the integration being set up, and is needed for loan updates to go through to payroll properly.
Please note, once a plan is live with the integration, the system will automatically log the loan information when the loan is set up in payroll. If a new loan is taken out during testing or prior to the activation date and added to payroll manually rather than through the integration, that loan will need to be manually mapped through the same process.
For any further assistance, please submit a help desk ticket here and we will get back to you as soon as possible.