This article is for admins who want to connect a Transamerica 401(k) plan to Gusto.
We partner with Pay(k)onnect to streamline the management of your Transamerica 401(k) plan in Gusto.
To connect the Transamerica 401(k) plan, you’ll need to authorize the Transamerica app in Gusto. This starts the onboarding process in Gusto.
To authorize the app:
Go to the App directory.
Search for and select Transamerica.
Click Learn more.
Review the terms and associated costs. If you agree, click Get started.
Enter the following information when prompted:
Plan name and ID (format: ######-#####)
Note: The Transamerica 401(k) integration does not support 403(b)s, Simplified Employee Pension Individual Retirement Plans (SEP IRAs), or SIMPLE IRAs.
Your company contribution scheme (if applicable)
Who should be eligible or excluded from the plan
Whether your plan allows for loans, and if so, whether you have any currently active loans
Audit your deductions in Gusto to ensure they reflect all current enrollments in your 401(k) account. Any incorrect deductions when you turn on the automation are your responsibility as the company admin, and they’ll stay active 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. Transamerica will use these manual deductions when they turn on the 360 automation.
After you finish onboarding in Gusto, you’ll find the initial timeline for connecting Gusto with Transamerica and other next steps.
Once the automation starts, here’s how the sync works and when to update Gusto vs. Transamerica.
We send payroll files to Transamerica one day after the check date. Allow at least one more day for Transamerica to update your account.
Transamerica 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 Transamerica.
Employees need to enroll or change their deferral in their Transamerica 401(k) account. Changes sync automatically back from Transamerica to Gusto within a week.
If an employee deferral in Gusto does not match your records, contact us at [email protected].
To review your employees’ current deferral amounts in Gusto:
Go to Benefits.
Choose the Transamerica 401(k) tile.
Click the Employees tab.
Review the deferral amounts listed in Gusto. Make sure they match your current employee deferral rates in your Transamerica 401(k) account.
Note: This does not include company contributions. If applicable, we apply company contributions when you run payroll.
Make all employee hires, dismissals, name and address changes in Gusto. These sync to Transamerica on the next payroll file. Allow at least two days after the pay date for Transamerica to reflect these changes, though it may sometimes take longer.
Manage your employees’ 401(k) eligibility directly in Gusto:
New hires: Set new hire 401(k) eligibility when you onboard an employee.
Current employees: Update an existing employee’s eligibility status in their employee profile. Go to their Work tab and find 401(k) eligibility status.
Use these eligibility statuses to reflect each employee’s plan participation.
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, mark them as Qualifies or may qualify someday.
Excluded from plan: Use this status only if an employee cannot participate in the 401(k) plan based on your plan specifications and will never be eligible.
Questions about your 401(k) plan
Employers: Contact Transamerica at 888-976-8078.
Employees: Contact Transamerica at 800-755-5801.
Questions about syncing your Transamerica and Gusto accounts
Email [email protected].