Once you sign your Gusto 401(k) plan document, there are a few more steps to complete before your plan is up and running. This article explains how to track your setup progress and which tasks you still need to finish.
After you sign your plan document, your 401(k) sponsor dashboard includes a timeline that outlines each step in your company's plan setup. This timeline helps you track progress before your first successful contributions with Gusto 401(k).
"Plan document signed" is the first milestone. It confirms that you have:
Created your plan
Selected your desired start date, plan design, and eligibility settings
Returned a signed plan document and service agreement
Find your next steps in the Tasks and notifications section at the top of your 401(k) sponsor dashboard.
Important: If you do not complete these tasks by each specified due date, it may delay participant enrollment.
While your dashboard may show other tasks, only the following three are required to start your plan. To complete your required setup tasks, follow these steps:
Connect your payroll. Let us know which payroll service provider you use. Gusto 401(k) connects to Gusto payroll or Gusto Embedded providers. Otherwise, you will operate your plan under our self-service model.
Connect your bank account. We need your company's bank account information for paying invoices and funding contributions.
Verify your bank account. You may verify your account in one step using Plaid or by providing your account and routing number. We require verification of your bank account information before your plan begins. This makes sure your invoice payments, contributions, and billing go through successfully.