Not having a payroll integration established with 401(k) providers leads to manual processes that are both error-prone and time consuming. With retirement plan administration being highly regulated, mistakes open up employers to risk of non-compliance.
Automating this process means feeding payroll data like deferrals/contributions and employee demographics to 401(k) providers has never been easier. The necessary data that needs to be sent to 401(k) providers every pay period is automatically delivered.
Files are automatically and securely transmitted in the format required by whichever 401(k) provider you are using. This helps the administrator within the organization save time, increase productivity, and reduce mistakes.
Not only do we integrate your payroll system with 401(k) providers, we feed data from your HR or benefits solutions to insurance carriers through our Carrier Connection product. This means benefits information for medical, dental, vision, life, and other supplemental or voluntary insurance plans can be automatically delivered to insurance carriers.