Overview
You will need to setup a benefit deduction code for Icon in Gusto. This generic after-tax deduction will be where you record payroll contributions for individuals who join the plan. You should set up a new deduction for Icon — don’t use an existing retirement deduction type.
Don't use an existing deduction code -- make a new one.
Payroll providers often have pre-configured deduction codes for various types of retirement plans. Icon is a payroll deduct traditional IRA and should get a new code created specific to this plan type.
Do not use any pre-configured deduction codes for any other type of retirement plan as they will record the amounts incorrectly. Some plan types include "IRA" in their name as well, but you should not use them (e.g. "SIMPLE IRA" which is a different type of plan).
Gusto Setup Steps
Log in to your Gusto portal as an administrator in order to complete these benefit deduction code setup steps.
Navigate to "Benefits" on the left nav.
Scroll to the bottom of the page and select "Show more Custom benefits" and choose "Custom Benefit"
Enter the following details:
Benefit Name: "Icon Portable Retirement"
Employee deduction per pay period: $1
Company contribution per pay period: Leave as zero
Save & Continue
The workflow will take you through steps to assign the plan to employees and then save.