Managing 401(k) Plan Payroll

How do I upload payroll for my 401(k) plan?

If your 401(k) plan isn’t integrated with your payroll provider, don’t worry—you can still upload payroll manually:

1. Log in to the plan sponsor dashboard.
2. Select "Payroll" from the left-hand menu.
3. Click "Upload Payroll File".
4. Follow the on-screen instructions to upload your payroll file in the required format.
5. Review and approve the payroll for processing.

Betterment integrates with over 350 payroll providers, which means there’s a good chance your payroll system can sync automatically. If you’re currently doing manual uploads, it’s worth checking to see if an integration is available—this could save you time and reduce errors!

How do I approve a 401(k) payroll?

If your payroll isn’t set up for automatic approval, you’ll need to approve each submission manually:

1. Log in to the plan sponsor dashboard.
2. Go to the "Payroll" section.
3. Review the payroll details for accuracy.
4. Click "Approve" to submit for processing.

Payroll approval is only required for manual payrolls and for plans that have automatic approval disabled. If you’re looking to streamline the process, see if your plan is eligible for an integration or automatic approval.

Why do I have to keep approving payroll?

Payroll approval is required for:

• Manual payroll uploads.
• Plans with automatic approval turned off.

Automatic approval is available for plans with an integration and a single bank account on file for payroll processing. If your payroll system is integrated, you can enable automatic payroll approval under payroll settings. If you recently changed your payroll bank account, you’ll need to re-enable automatic approval after updating your settings.

How do I cancel a 401(k) payroll?

If you need to cancel a payroll before it’s processed:

1. Log in to the plan sponsor dashboard.
2. Go to "Payroll" and locate the pending payroll.
3. Select the payroll and choose "Cancel".
4. Confirm the cancellation.

Once payroll has been processed, it can’t be canceled. You can still make corrections. See the options below.

How do I correct a 401(k) payroll?

Mistakes happen, and correcting them is easy. You have two options:

1. Fix it through your payroll provider: If your plan has a payroll integration, making the correction with your payroll provider should automatically update your records in Betterment. No extra steps needed!
2. Let us help:  If an integration correction isn’t an option, reach out to Betterment, and we’ll guide you through processing the adjustment.

It’s always best to fix errors as soon as possible to keep contributions accurate and on track.  

How do I add or update a bank account for payroll?

If you need to update the bank account used for payroll contributions, follow these steps:

1. Log in to the plan sponsor dashboard.
2. Go to "Settings" > "Bank Account".
3. Select "Add New Bank Account" and enter the required details.
4. Once the new account is verified, remove the old account.

If you use automatic payroll approval, don’t forget to turn it back on after updating your bank account! Until then, payrolls will require manual approval.