At the beginning of each calendar year, you will receive a task in your Guideline dashboard to report your employees’ compensation (you will also receive an email notification once the task is available). When you receive the task:
- Login as an administrator to your Guideline account; and
- Select the “Submit your 2020 employee compensation task”.
Compensation for employees and owners in your company is necessary to conduct required annual plan administration activity, including non-discrimination testing, annual compliance testing , plan operational reviews, and profit sharing, if your company elects to provide profit sharing. Compensation must be reported for all eligible employees from the previous calendar year, even if they were never active in your Guideline 401(k) plan. The task to provide compensation must be completed in a timely manner so that Guideline can ensure compliance and profit sharing deadlines, if applicable, are met.
Learn more about compensation:
- What is considered employee compensation for your 401(k) Plan?
- What is self-employed owner or partner compensation?
Reporting Compensation for Larger Companies
If your company has more than 75 employees, you can upload a spreadsheet with compensation data to your Guideline dashboard when prompted with our compensation task; however, it must include certain information and meet our formatting requirements.
To ensure reports are processed quickly and accurately, pay attention to the following common issues when uploading your reporting:
- File Format:
Be sure to upload your compensation report as a .csv file. This will ensure that your information is processed quickly and accurately.
Here is more information on how to generate a .csv file format:
- Microsoft - Save a workbook to text format (.txt or .csv)
- Apple - Save a copy of a Numbers spreadsheet in another format
- Missing column headers:
Review and confirm that your report includes the exact headers for all of the columns as the template we provide you in the task.
For your convenience, and to reduce the chance of issues with the report, you’re encouraged to use our template.
- Missing information:
Review your report to confirm that it includes all employees eligible in the prior year, and the following information for such employees, in separate columns:
- First name
- Last name
- Birth date
- Total gross compensation
Note: If you changed your payroll provider mid-year, you may need to collect compensation amounts from your previous provider and combine the amounts with your current provider for accurate information. e
If you experience trouble uploading your compensation report, you can contact us at (888) 228-3491 or at clients@Guideline.com.