If your bank blocked a Gusto Retirement ACH payment, you need to add our ACH IDs to your bank's allowlist. This article explains how to do that and what to expect when missed contributions and invoices are reprocessed.
As a plan sponsor, you need to have a bank account on file to fund contribution collections and any associated invoicing for the plan. If you got a notification about an ACH failure, or that Gusto Retirement was unable to pull funds from your bank account, your bank may have security measures in place to protect against unauthorized ACH transactions.
When this happens, Gusto Retirement cannot pull funds from your account until you add our ACH IDs to your bank's allowlist.
Important: Fix banking issues as quickly as possible. Failure to remit 401(k) contributions on time is a plan failure and can result in excise tax penalties imposed by the Internal Revenue Service (IRS), as well as payment of lost earnings to participants.
Contact your bank and provide the allowlist IDs below. All IDs are numbers only, except where a space substitution is noted below.
Invoices from WFMSTRIPE1 allowlist
3270465600
1800948598
2270465600
4270465600
Contributions from SSBTrustOps or Gusto 401(k) allowlist
SSBTrustOps
0431848772
1384326924
Note: If the code 0431848772 is unsuccessful, have your bank also allowlist the same code with the leading zero removed and a single space in its place: [SPACE]431848772.
In addition, confirm the following with your bank to make sure payments process correctly:
Gusto Retirement is authorized to submit ACH pulls from the account.
There is no ACH limit on the account.
The bank account is a checking account, not a savings account.
The account and routing numbers have been entered correctly into Gusto Retirement.
If you'd like to change the bank account on file for your plan, you can do so from your 401(k) administrator dashboard. Find step-by-step directions on how to add, edit, or remove a bank account or credit card.
Note: If your new bank has similar security measures in place, you may need to share the allowlist IDs with the new bank as well.
After you make all the necessary adjustments, notify our retirement sponsor support team so we can attempt to reprocess your failed ACH. Depending on the type of failure, here is how reprocessing works.
Our finance team will re-trigger the ACH collection for any missed contributions after you confirm that bank issues are resolved. You can expect to see this debit from your bank account within two business days.
The amount collected may be different than originally requested. You can find more information about that here.
We will roll any outstanding invoices into the next month's billing cycle. You can expect to see that invoice by the 10th business day of the following month.
Note: We cannot process one-off payments for monthly invoices outside of the normal billing cycle.
This content is for informational purposes only and is not intended to be taken as tax advice. Please contact a tax professional for further information