We're introducing a new deduction type specifically for retirement loan repayments, making it easy to track and manage 401(k) loan paybacks within Eddy. This enhancement addresses a critical need for seamless integration with retirement plan providers, who require clear identification of which deductions represent loan repayments.

The new Retirement Loan Payback deduction functions as a post-tax deduction while appearing alongside your other retirement options for intuitive categorization. Since every employee's loan repayment amount and schedule is unique, this deduction type gives you the flexibility to customize each policy to individual circumstances.

Key features include an optional Loan ID field that helps you track specific loans and maintain accurate records. This identifier appears throughout the platform, including employee profiles on both desktop and mobile, as well as in your Benefits and Deductions reports for comprehensive visibility.