Square

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.

Square 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.

1. How Does My Integration Work?
2. How Do I Initiate My Integration Setup?
3. What Are My Responsibilities If My Plan Has an Active Payroll Integration? 
4. What Do You Handle for Me If My Plan Has an Active Payroll Integration?
5. Will Square Charge Me Fees to Set Up and/or Maintain My Payroll Integration? 
6. How Do I Disconnect My Integration?

How Does My Integration Work?

Your integration is a 360° automated integration. This is a two-way integration in which we will automatically receive certain information about your plan and participants from your payroll system, process saver and employer contributions to the plan, and automatically send your savers’ selected deferral elections from their saver portal to your payroll provider.

Please note that the Square integration will only allow employees to elect deferrals in percentages; dollar-amount deferrals will not be an option.

How Do I Initiate My Integration Setup?

Let your representative know that you'd like to integrate. From there, our team will work with Square 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 that until the integration is activated, contribution uploads into the portal will be required until our team has notified you that the integration can begin.

What Are My Responsibilities?

Our ability to successfully process your payroll files and administer your plan depends on you! It is your responsibility to manage:

• Payroll Codes
  • Work with your Square representative to set up and maintain payroll codes within your payroll system. 
  • This includes the initial set up of any employer contribution codes which will be funded on a per-pay period basis.
  • It is important that these payroll codes do not change once the integration setup is completed.
     
• Loans
  • Set up and maintain retirement loans within your payroll system.
    • Set up a 401(k) loan repayment
      1. Sign in to Square Dashboard and go to Staff > Team > Team members.
      2. Select the team member who needs the 401(k) loan repayment deduction.
      3. When the team member panel opens, select Payroll.
      4. Select Benefits and garnishments.
      5. Under the Garnishments section, select Add now.
      6. From the garnishment type options, select Vestwell 401k Loan Repayment.
      7. Enter the Deduction amount per pay period based on the employee's loan repayment schedule.
      8. If applicable, enter any Year-to-date deductions that have already been made.
      9. To set a total repayment limit, select Add limit and enter the total loan repayment amount.
      10. Select Save.
    • Manage or remove a 401(k) loan repayment
      Once the loan is fully repaid, you should deactivate the garnishment to stop future deductions.
      1. Sign in to Square Dashboard and go to Staff > Team > Team members.
      2. Select the team member with the loan repayment you want to manage.
      3. When the team member panel opens, select Payroll.
      4. Select Benefits and garnishments.
      5. Under Garnishments, select Vestwell 401k Loan Repayment.
      6. To remove the garnishment, select Delete > Delete garnishment.
       
• 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 employer portal using an off-cycle upload.
     
• 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.
     
• Pay Groups 
  • Make sure any pay groups in your payroll system are also set up with us and vice versa.
  • If you are removing a pay group from your payroll system, please contact us directly.
  • The number of pay groups or companies in your payroll system may affect your plan’s integration eligibility.
     
• Saver Status Changes - Payroll System
  • Make updates in your payroll system when savers are hired, terminated, or re-hired. 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 retirement plan representative to ensure there is no delay in processing your payroll files upon making this change in your payroll system.
     
• Negative Contributions/Corrections
  • Negative contributions or corrections are not able to be processed through the integration. For assistance with negative contributions or corrections, please contact us directly.
     
• 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 your payroll provider. Regular audits and spot checks of the data provided will help you quickly identify and rectify any discrepancies. 
  • We recommend ensuring accuracy of the Plan Contact Info on your employer portal as an email will be sent to notify you of any discrepancies.

What Do You Handle for Me If My Plan Has an Active Payroll Integration?

• Saver Deferrals - First Payroll
  • Four business days prior to your first pay date with us, we will use the saver deferral rates in the portal to set saver elections in your payroll system. To guarantee saver deferral rates have been updated in your payroll system, do not run payroll before 4 business days before your scheduled pay date.
     
• Saver Deferral Updates
  • Ongoing deferral changes made in the portal by eligible savers will be communicated to your payroll system. It may take a few pay periods for this to be reflected in Saver paychecks. 
  • If your plan has an auto-enrollment feature, the same guidelines above apply.
     
• Saver Status Changes In The Portal
  • When you add, rehire or terminate savers in your payroll system, the changes will be reflected in the 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 your payroll early, we will never process the contributions file before the pay date. 
  • Off-cycle contributions processed in your payroll system will come through the integration & reflect in your employer portal after the pay date.

Will Square 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 Square representative for more specific details. We will not charge you to facilitate this integration.

What if I Amend My Plan or Change the Frequency of My Employer Contributions? 

If your plan has been amended or if you are considering an amendment to your original plan documents, you are responsible for informing your payroll provider of the updates.

If you have changed the frequency of funding your employer contribution, you are responsible for informing your payroll provider and working with them to make this update.

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 representative, and we will assist you.