Payroll Frequency Changes

This page explains what HR and payroll teams need to do when an employee (or a group of employees) moves to a new payroll frequency. Payroll frequency changes affect loan repayment schedules, deduction amounts, and eligibility file processing, so advanced notice and accurate updates are essential. 

1. Notify BeneMoney at Least 2 Weeks in Advance 

Please notify BeneMoney at least 2 weeks before any payroll frequency changes take effect. This allows time for recalculating loan payment amounts and updating records on both sides. 

When you email us, include:  

(Here is a ready to use template) 

We would like to notify you of a payroll frequency change. 

This change applies to: [Entire Company / Specific Group] 

List of affected employees: 

[Names] 

New payroll frequency: 

[Weekly/Bi-weekly/etc.] 

Effective date: 

[MM/DD/YYYY] 

• Whether the change applies to: 
  • The entire company, or 
  • Only a specific group or pay group 
• A list of all affected employees (if only a specific group)  
• The new payroll frequency the employee(s) will be moving to 
  (weekly, bi‑weekly, semi‑monthly, monthly, etc.) 
• The effective date of the payroll frequency change 

Please email us at: accountmanagement@benemoney.com 

This ensures we can prepare updated deduction amounts for every active loan associated with the affected employees. 

2. What Happens When Payroll Frequency Changes 

A change in payroll frequency affects every active loan tied to the impacted employee(s). 

Here’s what occurs: 

a. Updated Deduction Amounts Are Required 

Active loan deduction amounts are tied to the employee’s payroll frequency. 
 
When frequency changes: 

• Each loan’s payment schedule must be recalculated 

• New deduction amounts must be generated 

• Both BeneMoney/Sunrise Banks and your payroll team must update these amounts 

• The new amounts must be active before the first payroll using the new frequency 

b. Your Files Must Reflect the New Frequency 

Both of your Census File and your PDT will need to reflect the changes. 

Summary of What You Need to Do 

• Notify BeneMoney 2 weeks before the change 

• Provide a list of all affected employees and the new frequency 

• Update the Census File with accurate pay frequency details