This article is for admins who want to sync their Fidelity 401(k) plan with Gusto.
We partner with Pay(k)onnect to help you manage your Fidelity 401(k) plan in Gusto.
To start the onboarding process, you need to authorize your Fidelity 401(k) app in Gusto. If you’re not sure whether you have a Fidelity 401(k) plan, go to the “How to check if you have a Fidelity 401(k) plan” paragraph below.
To authorize the Fidelity 401(k) app:
Go to the App directory.
Search for Fidelity Investments - Fidelity 401(k).
Click Learn more.
Select your plan type:
Fidelity 401(k): Click Continue and proceed to step 6 below.
Fidelity Advantage 401(k): If this is your plan, follow these steps.
Other: You’ll need to manually set up the plan.
Review the terms and associated costs. If you agree, click Get started.
Enter the following information during the flow:
Plan name and Plan ID
Note: This integration only supports Fidelity Workplace 401(k) accounts. It does not support Self-Employed 401(k), SEP-IRA, or SIMPLE IRA plans. If you have a Fidelity Advantage plan, refer to this help center article instead.
Your company contribution scheme (if applicable)
Who should be eligible or excluded from the plan
Indicate whether your plan allows loans, and, if so, whether you have any currently active loans.
Audit your deductions in Gusto to make sure they reflect all current enrollments in your 401(k) account. Once automation is on, the company admin is responsible for any incorrect deductions. Those deductions will remain after your automation goes live. We cannot start the testing process until your deductions are fully up to date.
If you have not set up 401(k) deductions in Gusto, follow these steps to set up and manage deductions. Set up manual 401(k) deductions first. You’ll use them when you turn on 360 automation with Fidelity.
Once you authorize your Fidelity 401(k) app in Gusto, contact your Fidelity Account Manager and ask them to start the testing process. After you finish the onboarding steps in Gusto, you’ll find the initial timeline for testing with Fidelity and other next steps.
Note: The entire testing process can take up to 3 months. Continue managing your 401(k) deductions manually in the meantime.
If you’re not sure whether you have a Fidelity 401(k) plan, check your executed adoption agreement in the Document and Forms section of Fidelity’s Plan Sponsor WebStation (PSW). If you have a Fidelity 401(k) plan, it will read, “[Your Company Name] 401(k) plan.” Alternatively, a Fidelity Advantage 401(k)SM plan will show as “Fidelity Advantage 401(k),” which you can connect to Gusto by following these steps. The integration does not support Fidelity Self-Employed 401(k), SEP IRA, or SIMPLE IRA plans.
Once automation begins, here’s how the sync works and when to update Gusto vs. Fidelity.
We send payroll files one day after the check date. Allow at least one more day for the files to appear in your Fidelity account.
Fidelity debits your company bank account for employee and employer contributions. This typically happens within a few business days of the check date. If you have any questions about debits, contact Fidelity.
Employees need to make all enrollments and deferral changes in Fidelity 401(k) accounts. Changes sync automatically from Fidelity to Gusto within a week. If an employee deferral is not accurately reflected in Gusto, contact us at [email protected].
To review your employees’ current deferral amounts:
Go to Benefits.
Go to the Fidelity 401(k) tile.
Choose the Employees tab.
Access a list of your current employee deferral rates in your Fidelity 401(k) account and cross-check against Gusto to make sure they match.
Note: This does not include a listing of company contributions. If applicable, company contributions are applied when you run payroll.
Make all employee hires, dismissals, name and address changes, and similar updates in Gusto. These sync to Fidelity on the next payroll file. Allow at least two days after the pay date for changes to appear in your Fidelity account, though it can sometimes take longer.
Here’s where to manage your employees’ eligibility:
New hires: Note new employee 401(k) eligibility when onboarding an employee in Gusto.
Current employees: Update an existing employee’s eligibility status in their employee profile. Go to their Work tab, then look under 401(k) eligibility status.
There are two eligibility statuses you can assign to employees:
Qualifies or May Qualify Someday: Use this status for any employee who has qualified for the 401(k) plan or may qualify in the future. If an employee is eligible but has opted out of the plan, still mark them as Qualifies or may qualify someday.
Excluded from plan: Use this status only if an employee is excluded from the 401(k) plan based on your plan specifications and will never be eligible.
Here’s who to contact based on your question.
Questions about your 401(k) plan
Employers: Contact your Fidelity Account Manager or call 800-835-5097.
Employees: Contact Fidelity at 800-835-5095.
Questions about syncing your Fidelity 401(k) and Gusto accounts
Email [email protected].