401K Changes

[sugarlab]

With Vestwell becoming the new 401k/retirement partner, I just wanted to see if anyone else is disappointed that we'll have to manually submit contributions. I loved having the benefits with Square Payroll automatic - it made my life easier. I know Square didn't have control over Guideline becoming Vestwell, but perhaps a new partner is needed to continue Square's effort to make our lives as business owners easier. 

I was already looking at managing my own retirement separately, since I'm currently the only one on my very small team using the benefits. But now I'm definitely going to be moving that money over and ending my relationship with Vestwell. 

[Quser]

100% disappointed that vestwell doesn't seamlessly integrate. I signed up with guideline and stayed with accrue because it just deducted the contributions without the paperwork. The state sponsored 401K is the same amount of work and it's free. Skip the monthly fee if they can't do it. I already messaged vestwell and square. Waiting for a response now

[dutchmonkey]

We're in the same boat. I've read that vestwell is not great with customer service when they miss contributions, too. I'd love it if Square built the integration from their side, so these files would be automatically sent to wherever we're having to manually send them.  What other companies are you guys looking at?

[Quser]

I just got off the phone with vestwell and also checked my dashboard with them. It looks like Square or them listened and I'm integrated now. Will update if it doesn't work or if they take it back, but it looks like it'll connect and work after the blackout period. Hope it works out that way for you too. If this didn't work I was going to sign up for the free state sponsored retirement plan which satisfies retirement requirements. I'm in California if that makes a difference.

[dutchmonkey]

That is great! I hope it works. I’m doing the Vestwell transition webinar tomorrow morning, so I’ll ask to confirm, if there’s a q&a. 

[dutchmonkey]

Confirmed, it will be automatic, with no additional setup on our side, as of 4/27. They said once you have officially registered the business on the Vestwell portal, they'll take care of everything else.  I hope that's true.