Vestwell has teamed up with Gusto, one of the largest payroll providers serving over 300,000 businesses, to implement a new 360-degree API-based integration. Vestwell currently powers more than 30,000 small businesses and one million savers, and the new integration will support both 401(k) plans and state auto-IRA programs.
“Payroll partnerships are an essential component in closing the savings gap across the country. Together with Gusto, we’re bringing a modern and user-friendly platform to the small businesses previously excluded from offering an affordable workplace savings program to their employees,” said Aaron Schumm, Founder and CEO of Vestwell. "The Vestwell and Gusto integration not only provides a flexible offering that can be delivered through advisors and TPAs, it also creates seamless integration across the rapidly expanding state IRA solutions."
A 360°- integration between a recordkeeper and payroll provider allows data to flow seamlessly, which provides small business owners a streamlined solution and saves them time (and money) to focus on running their businesses.
The enhanced integration is also now available to the 1,000+ Gusto customers who already trust Vestwell with their company’s retirement plan.
The Vestwell & Gusto Solution
Traditionally, small business owners manually upload their payroll files to their retirement plan provider and are responsible for tracking any changes that are made on the 401(k) platform by their employees. This process is time-consuming for employers and increases the risk of mistakes.
An API-based integration removes these manual processes, as information is automatically transmitted between the payroll and retirement plan platforms.
The integration also increases support for off-cycle contributions and allows consistent timing for payroll processing.
Each pay period, Vestwell automatically receives key employee information from small businesses utilizing Gusto, including employee deductions, employer contributions, loan payments, and updated employee demographic information. For instance, when employees log into the Vestwell portal and make changes to their contribution rates, this data is automatically fed back to Gusto. This enhancement also gives employers the ability to access Vestwell directly through the Gusto portal.
Start Saving Today
This news comes at an exciting time, as we rapidly expand in the savings industry through new key financial services partnerships and payroll integrations.
Vestwell is committed to creating a modern saving experience for small businesses with our cloud-based platform and high-touch customer experience. To learn more, Gusto customers may read about our partnership and how to start a plan here or visit Gusto’s app directory.