Since our platform has an integration with your payroll provider, we can take a lot of work off your plate regarding the processing of your payroll files through automation.
Balance Point offers a 360° level of integration.
This guide will help you set up your integration as well as help you understand your specific responsibilities for the proper administration and submission of payroll files.
- How Does My Integration Work?
- How Do I Initiate My Integration Setup?
- What Are my Responsibilities If My Plan Has an Active Payroll Integration?
- What Does Vestwell Handle for Me If My Plan Has an Active Payroll Integration?
- Will Balance Point Charge Me Fees to Set Up and/or Maintain My Payroll Integration?
- How Do I Disconnect My Integration?
- Are There Any Reasons Why My Plan Might Not Be Eligible for an Integration?
How Does My Integration Work?
Your integration is a 360° Automated Integration. This is a two-way integration in which Vestwell will automatically receive certain information about your plan and participants from your payroll system, process employee and employer contributions to the plan, and automatically send your employees’ selected deferral elections from their Vestwell portal to your payroll provider.
How Do I Initiate My Integration Setup?
Let your Vestwell Representative know that you'd like to integrate. From there, the Vestwell team will work with Toast to set up your integration. There may be a few action items for you to complete along the way - prompt completion of these action items is crucial to ensure a timely setup.
* Please note, until the integration is activated, contribution uploads into the Vestwell portal will be required until our team has notified you that the integration can begin.
What Are My Responsibilities If My Plan Has an Active Payroll Integration?
Our ability to successfully process your payroll files and administer your plan depends on you! It is your responsibility to:
Payroll Codes
Work with your payroll representative to setup these payroll codes within your payroll system
- Pre-Tax 401(k) $
- Pre-Tax 401(k) %
- Roth 401(k) $
- Roth 401(k) %
- Employer Contribution(s)
- Retirement loans
Loans
- Set up and maintain retirement loans within your payroll system
Discretionary and/or Profit-Sharing Contributions
- Set up and maintain non-mandatory employer contributions in your payroll system.
- Submit non-mandatory employer contributions through your Vestwell portal using an off-cycle upload. Learn how to submit an off-cycle contribution here.
Mandatory Employer Contributions
- Maintain & submit mandatory employer contributions that are on a frequency other than on a per-pay period basis using an off-cycle upload. Learn more about off-cycle contributions here.
Pay Groups
- Make sure any pay groups in your payroll system are also set up at Vestwell and vice versa. To edit a pay group name or set up new pay groups please see How to add or change a pay group in your Vestwell account prior to your first pay date.
- The number of pay groups or companies in your payroll system may affect your plan’s eligibility to integrate.
Saver Status Changes - Payroll System
- Make updates in your payroll system when savers are hired, terminated, or re-hired, etc. Be sure to include a specific date when making these status changes in your payroll system.
Saver Personal Information
- Maintain complete, accurate, and up-to-date personal information within your payroll system - including date of birth, social security number, and email address.
Pay Frequency/Schedule Changes
- Report any pay frequency or pay schedule changes to your Vestwell representative to ensure there is no delay in processing your payroll files upon making this change in your payroll system.
Review Payroll Data
- We rely on you to provide us with correct, updated, and complete data about your savers regardless of whether we receive that data directly from you or from your payroll provider. Regular audits and spot checks of the data provided to us will help you quickly identify and rectify any discrepancies.
What Does Vestwell Handle for Me If My Plan Has an Active Payroll Integration?
Saver Deferrals - First Integrated Payroll
- Four business days prior to your first integrated pay date with Vestwell, we will use the saver deferral rates in the Vestwell portal to set saver elections in your payroll system. To guarantee saver deferral rates have been updated at your payroll system, do not run payroll prior to 4 business days before your scheduled pay date.
Saver Deferral Updates
- Ongoing deferral changes made in the Vestwell portal by eligible savers will be set in your payroll system within two business days.
- We will communicate any deferral update requests to your payroll system. Savers may not see this reflected in their next few paychecks, as it could take time for this update to be reflected.
- If your plan has an auto-enrollment feature, the same guidelines above apply. Read more about auto-enrollment.
Savers Status Changes - Vestwell Portal
- When you add, rehire or terminate savers in your payroll system, the changes will be reflected in the Vestwell portal one business day after the next pay date.
Processing contributions
- Process saver deferrals and employer contributions which are maintained by the integration shortly after you run payroll in your payroll system.
- If you process payroll early, Vestwell may process the contribution file before the pay date.
Will Balance Point Charge Me Fees to Set Up and/or Maintain My Payroll Integration?
Your payroll provider may charge fees in conjunction with the integration. Please check with your Balance Point representative for more specific details.
Vestwell will not charge you to facilitate this integration.
How Do I Disconnect My Integration?
If you change payroll providers, it is your responsibility to inform us so that we can disconnect your integration and assess whether integration with a different payroll provider is available. Please reach out to your Vestwell Representative, and we will assist you.
Are There Any Reasons Why My Plan Might Not Be Eligible for an Integration??
There are some plan design features that currently prohibit the use of payroll integration, including:
- Eligibility rules that exclude certain classes of employees
- Eligibility rules that exclude certain types of compensation
- Eligibility rules that exclude certain types of hours worked
- Plans with per pay period non-mandatory employer contributions
- Plans that allow after-tax contributions (only be available if your plan uses a Third Party Administrator). Note: After-Tax and Roth contributions are not the same; please see our article“Participant Contribution Types: Differences between Pre-tax, Roth, and After-tax”
If your plan has been amended or if you are considering an amendment to your original plan documents, please inform your Vestwell Representative to understand what actions on your part will be required to submit and process your payroll files correctly.