The steps below cover the different methods of submitting payroll contributions to your Vestwell Contributions dashboard.
Learn how to set up your payroll if your payroll provider does not integrate with Vestwell. If you are not sure if your payroll provider is integrated, you can find that information here.
Once you submit your contributions, we will initiate a debit from your bank account via ACH within three business days. Please make sure that your account has enough funds. The funds will be invested into your employees’ retirement accounts within two business days.
Contributions Overview
From your Vestwell portal, click on the "Contributions" tab on the left-hand side of your screen. Once you're on the "Contributions" page, you will be able to:
- Begin a contribution for the next scheduled pay date
- Start off-cycle contributions
- View employee deferral changes
- View a list of submitted contributions and their status, which can be filtered by timeline, transaction type, and pay groups
- Resume, restart, or cancel a contribution submission
- Access the "Payroll Setup" screen
Submitting Payroll Contributions
To begin, select Start Contribution. You can then choose to:
- Input contributions manually
- Copy from a previously submitted contribution
- Upload a contributions file
Note: If you have any pending contributions, a pop-up will appear allowing you to complete your most recent contribution or create a new one.
Input Contributions Manually
You can input contributions manually for each contributing employee on the grid shown for that pay period. As you work through the employee list you will see the number of participating employees, the number of employee contributions, and the total amount of employer contributions being tallied at the bottom of the screen in real-time.
Once you have verified your data, select Send and Validate. This will bring you to the "Review Submission" screen. Here, you will see the contribution totals and the contribution details broken down per employee. You can also choose to see employees with $0 contribution by toggling the On/Off button.
After reviewing your data, select Complete Submission.
You can select Edit Submission to go back to your contributions grid and modify entries. If you choose the Cancel Submission option, it will require a reason to cancel your contribution entry.
Copy From a Previously Submitted Contribution
From the "Contributions" page, view the data entry screen. Then, select Copy from XX/XX/XXXX. This will copy all the data from the most recently processed contribution. This feature will always copy the data from the previous contribution submission within the same payroll group and the same type (regular versus off-cycle). If there are no changes to be made, select Send & Validate. The summary screen will display and confirm your submission once you select Complete Submission.
Upload a Contributions File
You can choose to either upload a pre-populated file from your payroll provider or download and fill out the Vestwell contributions template. The template is located on the upper right-hand side of your screen above the contributions grid.
To begin, select Upload File. Choose the saved file from your desktop and select Open. The system will validate the file and check that all required column headers are present, as well as scan for any errors or missing information.
Once the validation is complete, the grid will populate with the data from your file. Select Send & Validate when ready to move on to the "Review Submission" page.
Once the "Contribution Details" are reviewed, hit complete Complete Submission to complete.
How To Submit Off-Cycle Contributions
From your "Contributions" page, Other Actions and then select Off-Cycle Contribution from the drop-down menu. You'll need to select the "Pay Group" (if applicable) and the corresponding "Pay Date" for this submission. Similar to submitting a regular contribution, you can either input contributions manually or upload a contributions file.
How Do I Edit Contributions?
An Edit Submission button is located in the "Review Submission" page just before completing a contribution submission. Selecting the Edit Submission button will bring you back to the contributions grid screen to allow you to make edits.
How Do I Cancel A Contribution Submission?
By selecting the ellipses under the "Action" heading in the "History" section of the main "Contributions" page, you can take different actions based on the contribution status.
Submission Started - Allowable Actions:
- Resume submission: Pick up from where you left off.
- Restart submission: Start over from the beginning.
- Cancel: Remove the submission entirely.
A contribution submission can also be canceled on the "Review Submission" page by selecting Cancel.
Note: If you’re interested in using the report from your payroll system rather than Vestwell's template to submit your contributions, contact your client success manager or email clientsuccess@vestwell.com.