Gusto partners with Guideline to offer a fully integrated 401(k) solution. Contributions automatically sync with payroll, and both employers and employees have access to 401(k) dashboards within Gusto. If you would like to learn more about this offering, including costs and plan details, please check out our website.
401(k) is a tax-deferred savings plan for retirement. Contributions are deducted from an employee's gross pay and put into a 401(k) account. The maximum contribution an employee under 50 can make is $19,500 in 2021, and $20,500 in 2022. If the employee is over 50 they may make an additional catch-up contribution of $6,500.
In some plans, the employer may also contribute by matching up to a certain percent of the employee's contribution. The maximum contribution an employee under 50 can make is $19,500 in 2021, and $20,500 in 2022. If the employee is over 50 they may make an additional catch-up contribution of $6,500.
When you are ready to set up a new 401(k) plan, follow the steps below:
Once you're all set up, you'll need to reach out to your 401(k) provider directly to manage contributions.
If Gusto doesn't integrate with your 401(k) provider, you can manually add the benefit to payroll to capture employee deductions.
When you are ready to transfer your 401(k) plan to Guideline, follow the steps below. If you'd like to transfer your 401(k) plan to another provider, reach out to the provider directly for next steps.
If you've set up an integration between Gusto and your 401(k) provider, you can view details of your plan within Gusto. If you have questions about your plan or need to make any changes, please reach out to your provider directly or visit their help center.