401(k) Plans by Vestwell
7shifts Payroll customers can offer their employees a 401(k) retirement plan through Vestwell. Vestwell is a retirement savings platform that handles plan administration, compliance, recordkeeping, and government filing. The integration with 7shifts Payroll keeps employee contribution deductions in sync automatically with each pay period.
Things to Know
Supported by Vestwell. 7shifts and our team are not certified financial advisors and are not able to consult or support with any retirement plan decisions made through Vestwell. If you have any questions regarding your plan, please reach out directly to Vestwell. You can access their contact details and live chat by clicking into the Vestwell section under Payroll > Benefits.
- You must have 7shifts Payroll enabled to use this integration.
- Vestwell plans are available to businesses across all 50 US states.
- Vestwell collects plan fees directly. 7shifts does not deduct plan costs from your account.
How the Vestwell integration works
Once your Vestwell plan is live, 7shifts shares your payroll data with Vestwell automatically every pay period. Employee contribution deductions are applied without any manual reporting or file uploads required.
This integration provides several benefits:
- Employee retirement contributions are deducted and sent to Vestwell automatically with each payroll run.
- New employees added to 7shifts are reflected in your Vestwell plan for enrollment.
What's included in a Vestwell plan
Vestwell plans are fully bundled, which means you do not need to hire a separate third-party administrator (TPA) or financial advisor to manage your plan. Each plan includes:
- Recordkeeping: Vestwell tracks all participant balances, contributions, and transactions.
- Plan administration: Vestwell takes on day-to-day fiduciary responsibility for running the plan on your behalf.
- Compliance testing: Vestwell monitors your plan's compliance status throughout the year and prepares your annual Form 5500 filing at no additional cost.
- Investment management: Vestwell selects and monitors the fund lineup and is responsible for investment decisions.
401(k) plan options in 7shifts
To get started with Vestwell:
- Log in to the web app as an Admin.
- Go to Payroll > Benefits.
- Under Vestwell, click Get started.
- Follow the prompts to provide your business information and select a plan.
- Complete your plan setup directly through Vestwell.
Note: Some of your business details may be pre-filled during setup. Verify that all information is current and accurate before submitting.
Common Questions
Does my state require me to offer a retirement plan?
Several US states have enacted laws requiring employers to offer a retirement savings plan. A Vestwell plan satisfies current state retirement savings mandates. If you're unsure whether your state has a requirement, contact Vestwell directly. They can help you understand your obligations.
What happens at tax time and year-end?
Vestwell prepares and electronically files your annual Form 5500 at no additional cost for all plan years administered on their platform. Vestwell also monitors your plan's compliance status throughout the year and will reach out if anything requires your attention.
How do my employees enroll and manage their accounts?
Once your plan is live, employees will be prompted to enroll through Vestwell's platform. From there, they can set their contribution rate, choose investment allocations, and view their account balance on desktop or mobile. Vestwell's support team is available to help employees with any account questions.
Will 7shifts deduct my plan fees?
No. 7shifts does not collect retirement plan fees. Vestwell bills plan costs directly. Employee contributions are deducted from their paychecks through your 7shifts payroll.
How do I get support for my plan?
To get in touch with Vestwell, go to Payroll > Benefits and click into the Vestwell section. From there you can access Vestwell's contact details and live chat support.