In this training, we are gonna be talking about 401(k) and how this works with Execupay. So as we all know, a 401(k) is an important aspect of payroll, but how does this fit into GoCo's embedded payroll? If your employees have 401(k) contributions as part of payroll, then there are a few options for getting these included on your payroll run. The first step is to make sure all deduction codes and any employer contributions are set up during implementation.
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You will work with your Execupay and your GoCo team to get this set up. If you are working with Human Interest, an integrated partner with GoCo, then there is an easy integration. When you add a new hire to GoCo, they're automatically synced over to Execupay. Human Interest then pulls their information from GoCo and creates an account for them in the system. They will reach out to them for their login and plan information and handles employee communication from there.
Employees can then select or change deferrals in Human Interest, and those automatically flow into their GoCo profiles for each pay run. If you have any other provider, however, you might have to take a few extra steps. When you add a new hire in GoCo, they're automatically synced over to Execupay. If that new hire is 401(k) eligible, then you must set them up with your 401(k) vendor manually.
Prior to their first deferral, you must add their deductions into their GoCo profile under their Execupay card. So today in this video, I'm gonna show you how to do just that. To begin this process, you are first going to need to navigate to your team's page. You can do so by clicking on the navigation tab on the left side of your screen that reads Team, or from your company home page by finding the card that reads Team and hitting this view button.
You will then be taken to your Team's page, where you will be able to see all of your employees at a glance. You'll be able to click on an employee. And this will take you to this employee's profile. Once you are in an employee's profile, you should be able to find the card that reads Execupay. Once you expand this card, you are gonna see your employee's earnings and deductions. To add a deduction, you will simply hit this blue add button. A popup will appear asking you to add this deduction. You'll classify what the deduction type is, the deduction amount, and if it is a flat dollar amount or a gross percentage of wages. If you have a 401(k) calculation that is not either of these, you may need to email your GoCo client success manager. If it is one of these, you will simply select which one applies, input the amount that applies, input any company contributions, and then decide when this deduction change should take effect. Would you like it to take effect immediately or schedule this to take place in the future?
If you schedule this in the future, you will be able to select what date you want to have as your effective date. And there will be a note here letting you know when it will be added and if it'll be prorated. You can also put in a note about this deduction if you wish to do so. You will then simply save this. And now this deduction has been added to this employee's profile. If you want to delete a deduction or edit it, you can use these two buttons here. To edit, you can click on this pencil. And to delete, you can simply hit this X.
Now that this deduction has been added, please note that after each payroll, you must pull a report of the amounts that came out of payroll in order to fund these employees' accounts. You would then enter these into your vendor system as you normally would. To pull this report, you are simply going to go to your Reports tab, find your Payroll Journal Report, and allow this to generate. And as you can see here, this will include deductions. You would simply select what payroll schedule and what pay period you would like to pull. Then download that report. So this is how 401(k) deductions work with Execupay. If you have any further questions, please email [email protected], or reach out to your client success manager. Thank you.