How to Set Up Your 401(k) Integration with PayKonnect
Eddy uses PayKonnect to send your payroll contribution data to your retirement plan provider (recordkeeper) automatically after each payroll. Eddy's team handles the setup for you. To get it done, we need a few details about your company and your retirement plan.
Most of this information is on your plan documents or can be requested from your retirement plan provider. Collecting it up front is the fastest way to get your integration live.
1. Company information
- Company legal name. The name your retirement plan is registered under.
- Federal Tax ID (EIN). Some retirement plan providers require it to match files to your account.
- Payroll start date for the integration. The first payroll whose data should be sent to your provider. If you want earlier payrolls included (for example, if your plan started before the integration was set up), tell us the date to go back to.
2. Retirement plan provider
- Your plan provider's name. This is the company that holds your 401(k) accounts, such as Empower, Fidelity, Principal, or Guideline.
- Your contact at the provider. Name and email, if you have one. Your provider has to approve the connection before live data can be sent, and having a contact makes that go faster.
3. Plan details
Share this for each retirement plan you offer:
- Plan name. Use the name exactly as it appears on your plan documents.
- Plan ID or contract number. Your provider assigns this number. It has to match your provider's records exactly, or your files won't be matched to your plan.
- Plan EIN, if it's different from your company EIN.
- Pay frequency. For example weekly, biweekly, semi-monthly, or monthly.
- Pay group(s), if only some of your employees or pay schedules are in this plan.
Tip: If you're not sure of your Plan ID, check a recent statement from your provider or ask them for it. Tell them it's for a payroll integration.
4. Contribution types (money sources)
Tell us which contribution types your plan uses. Only include the ones employees or your company actually contribute to. Common types include:
- Employee pre-tax deferrals (traditional 401(k))
- Employee Roth deferrals
- Employer match
- Employer profit sharing or non-elective contributions
- Catch-up contributions (if your provider tracks them separately)
- 401(k) loan repayments
For each type, please confirm the name of the matching deduction or contribution in Eddy, so we can map it correctly. If you aren't sure, we can review your Eddy setup with you.
5. Deferral change updates (if your provider supports them)
Some providers can send employee contribution changes back to Eddy, so that when an employee changes their deferral rate on the provider's site, Eddy updates it automatically. If you want this:
- Tell us you'd like deferral updates enabled.
- Confirm the benefit name in Eddy for your 401(k), so we can match it to incoming updates.
What happens next
- We build your setup. Eddy enters your company and plan details in payKonnect and maps your contribution types.
- Test phase. Your integration starts in Test status. Test files go to your provider so they can check that the data is formatted and matched correctly.
- Provider approval. Once your provider confirms the test files look good, we switch your plan to Live. After that, contribution data is sent automatically after each payroll.
You may need to contact your provider during this process, for example to authorize the file connection or confirm your Plan ID. We'll tell you if that's the case.
Questions? Contact Eddy Support or your Eddy implementation specialist and we'll help you track down anything you're missing.
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