Set up 401(k) benefits with Vestwell
About 401(k) benefits with Vestwell
Square Payroll partners with Vestwell to help you offer modern 401(k) retirement benefits to your employees. Vestwell handles onboarding, plan administration, compliance support, and investment management, so you can spend less time on administration and more time supporting your team. All plans of related entities must be administered by Vestwell in order to provide compliance testing.
Vestwell allows employees to make both traditional pre-tax 401(k) contributions as well as post-tax Roth 401(k) contributions. Employees can manage their savings anytime via mobile or desktop, with support available in 20 languages.
Employers can manage their plan through Vestwell's streamlined portal, which includes built-in administration, compliance support, and visibility into employee activity and plan health. You can contribute a percentage of an employee's gross pay or match an employee's contribution. Vestwell also supports profit sharing contributions. If you work with a financial advisor for your retirement plan, pricing may vary.
Before you begin
You can enroll with Vestwell directly from your Square Dashboard.
Vestwell is a separate partnership from the direct-to-employee benefits accessible to Square Payroll team members. Learn more about how to add employee benefits with Square Payroll.
Any contribution changes should be made directly through Vestwell. For support with your Vestwell plan, contact Vestwell at [email protected] or visit vestwell.com. To inquire about a new plan, email [email protected] or book a call with Vestwell.
After your plan transitions to Vestwell, you must notify Vestwell directly each time you run payroll so that a 401(k) contribution can be made. Visit the Vestwell Help Center for instructions on entering contributions via file upload. You can export a custom payroll report from Square Payroll to find your employees' contribution details for a given pay period.
Set up 401(k) benefits with Vestwell
Sign in to Square Dashboard and go to Staff > Payroll, then select Benefits.
Fine the Retirement tile and click Get Started.
Click Start Setup. Square Payroll syncs your business information with Vestwell.
Enroll in the plan and decide how much (if at all) to contribute.
Once you set up a retirement plan, you can set eligibility criteria in Vestwell based on minimum age and length of tenure. Once those criteria are met, employees become eligible and Vestwell will invite them to enroll via email. Employees can manage their accounts anytime via the Vestwell portal.
After each pay run, submit your employer and employee contribution amounts to Vestwell using the file upload process. Learn how to view payroll reports and tax forms to find contribution details. If you add a new employee or update a benefit in Vestwell, record the same changes in Square Payroll.