If you need to review past payroll contribution records for reconciliation or to diagnose a deduction error, there are two ways to access contribution reporting: confirmation email notifications and contribution reports in your dashboard. This article explains how to use each.
When payroll journals are received, and Gusto Retirement begins the contribution collection process from your organization's bank account, certain administrators get an email notification of the upcoming Automated Clearing House (ACH) withdrawal. The email details the breakdown of contributions for the specified pay date.
These confirmation emails go to the Trustee, Primary Benefit Administrator, and all finance admins on the plan. You can find more information on administrative permission levels or adding and removing collaborators.
Two dates appear in the upper left corner of the email:
Pay date(s) — The date employees received wages from the company
Transaction date — The date Gusto Retirement begins the ACH collection process from the bank account on file
Note: Some contribution confirmation emails may contain more than one pay date if multiple contributions from past pay dates are collected at once.
The email also shows the contribution totals to be collected from your organization's bank account listed within your Gusto Retirement administrator dashboard, along with a breakdown of employee pre-tax, employee Roth, and employer pre-tax contributions. If any employees have outstanding loan repayments, this will also be displayed.
Withdrawn from bank — The total amount that will be collected from your organization's bank account
Plan cash — Amounts that had previously been collected from the company's bank account and were subsequently moved to an unallocated account (not tied to a specific participant) as a result of a correction or forfeiture. Amounts in plan cash will be used to offset future contributions until depleted.
As an administrator, you also have access to contribution reports in the Reports tab of your Gusto Retirement administrator dashboard.
Contribution reports provide information on fulfilled contribution collections and are listed by the transaction date (the date the ACH withdrawal was initiated). Selecting a date will show:
The transaction date
The date that funds were withdrawn from the bank account
The total pulled from the bank account
The amount of plan cash applied
The total contributions
Each report also provides a breakdown of contributions per employee.
If, after reviewing payroll contributions, you determine that corrections are necessary, you should contact Gusto Retirement support before taking corrective action. Improper corrective action may lead to further operational failures and expenses.