We want to make it simple for you to manage your company’s 401(k) plan. With a Gusto 401(k) powered by Guideline, the direct connection between your payroll and 401(k) plan are seamless.
When you connect your Gusto payroll account with your 401(k), your employees’ information automatically syncs on a nightly basis, so we can manage the day-to-day administration of your plan. Gusto 401(k) also integrates with Gusto Embedded providers (HiBob and HR for Health) for a similar experience.
Here are several features of your payroll and 401(k) connection:
Employee deferral elections made in our 401(k) platform will automatically sync to your payroll system.
Your plan’s roster for new or dismissed employees will automatically update in your 401(k) dashboard based on employee census records found in payroll.
Payroll reports are automatically sent to your 401(k) without any additional work on your part.
Off-cycle payrolls outside your normal payroll schedule are captured and processed for your 401(k) without the need to notify us.
Information shared via our payroll connection
Because we rely on information you provide within your payroll account please confirm the information entered is complete and accurate.
The information we receive includes, but is not limited, to the following employee details:
Full name
Email address
Date of hire
Salary
Employment status
With this information, we will:
Send enrollment materials to eligible employees
Onboard employees
Communicate important plan information
Conduct annual compliance testing
Once an employee claims their 401(k) account, updates made to their contact details in payroll may not connect to your 401(k). Instead, employees should update their contact information in their 401(k) participant dashboards under Account Settings.
What happens if you change payroll providers
Up-to-date payroll information is crucial to ensure smooth administration of your 401(k) plan. If your company intends to switch its payroll software to a new provider, it’s important to let us know as soon as possible as it may result in administrative and fiduciary changes to your 401(k) plan.
We request that you submit a payroll change request at least 4-6 weeks before making the transition to your new payroll system.
Learn more about what happens if you switch payroll providers and how to do so.