There are five methods for managing employee payroll information for a 401(k). Download this payroll checklist outlining the ways to transmit employee data and payroll, for each of the five payroll processing methods. Accurate and up to date 401(k) payroll data for employee contributions is essential regardless of your process so that your service providers can track eligibility, facilitate transactions, and prepare annual administration.

Providing employee census updates with each payroll contribution is important to the success of your plan. When employee information is accurate, your service providers can track eligibility, facilitate transactions, and prepare annual administration—with limited need for corrections.

Generally, there are five ways to transmit employee data and payroll contributions to your plan’s Recordkeeper. Each is outlined below, along with a checklist to complete each payroll period.

1. Online Entry

Log on to Recordkeeper Website, and enter in each employee’s payroll contribution. Add new employees by entering information online, and keep current employee information up to date.

  • Review most recent participant contribution update report from Recordkeeper
  • Update payroll system with any employee contribution changes
  • Manually enter contributions by participant on Recordkeeper website
  • Manually edit to update employee census data on Recordkeeper website

2. Excel Census File (Manual)

Employer maintains an excel file for each pay period, updates employee information and payroll contributions manually. Employer submits to Recordkeeper.

  • Review most recent participant contribution update report from Recordkeeper
  • Update payroll system with any employee contribution changes
  • Edit file to update employee information and payroll period contributions
  • Submit file to Recordkeeper online

3. Excel Census File (Payroll Report Generated)

Payroll system or vendor generates a formatted excel report with all employee census data and current payroll contributions. Employer submits to Recordkeeper.

  • Review most recent participant contribution update report from Recordkeeper
  • Update payroll system with any employee contribution changes
  • Review payroll generated report for accuracy
  • Submit file to Recordkeeper online

4. 180 Integrated Payroll

Payroll Vendor automatically sends employee information and payroll contributions to Recordkeeper. Employer required to keep payroll vendor updated with contribution changes.

  • Review most recent participant contribution update report from Recordkeeper
  • Update payroll vendor with any employee contribution changes
  • Ensure all employee information is accurate in Payroll system

5. 360 Integrated Payroll

Payroll Vendor and Recordkeeper share information with each other each payroll.

  • Ensure all employee information is accurate in Payroll system

Request a RETIRE Kit, an employers go-to resource for 401(k) management.

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Fisher Investments 401(k) Solutions is dedicated to helping small and mid-size businesses deliver successful ‭retirement plan services. Our success is defined by each business achieving its custom 401(k) plan goals and by ‭empowering employees with the dedicated support and resources necessary to achieve a dignified retirement. Our ‭solutions are built on the core principles of providing employers and employees ready access to dedicated 401(k) ‭specialists, flexible investment options, and fee transparency.

The Fisher Investments Resource Library is designed to support 401(k) Plan Sponsors with insights, tools and ‭answers without obligation.

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