401k is an important aspect of payroll - how does that fit into GoCo's embedded payroll?
If your employees have 401k contributions as part of payroll, there are a few options for getting these included on your payroll run.
The first step is to make sure all deduction codes (and any employer contribution) are set-up during implementation. Work with your Execupay & GoCo contacts to do this.
If you have PAi, an integrated partner with Execupay, there is an easy 360° integration.
- When you add a new hire to GoCo they are automatically synced over to Execupay and PAi.
- PAi reaches out to them with login and plan information and handles employee communication from there.
- Employees select or change deferrals in PAi and those automatically flow into Execupay onto their employee profiles (under payroll info > deductions).
- After each payroll PAi is automatically provided the amounts that came out of payroll in order to fund employee accounts. They handle the funding and reconciliation.
- There is no action for you as an employer!
- Read more about how this data flows here.
If you have any other provider, you have to take a few extra steps.
- When you add a new hire to GoCo, they are automatically synced over to Execupay.
- Any time prior to their first deferral you must add their deduction directly to Execupay on their employee profile (under payroll info > deductions).
- After each payroll you must pull a report of the amounts that came out of payroll in order to fund employee accounts. Enter these in your vendor's system as you normally would.
You're all set! 🎉
Note: you will not see these deductions on your GoCo Execupay card because we do not host this benefit. As long as they are in Execupay, they will be on your paychecks!
Please email firstname.lastname@example.org with any further questions.