Employers gain ability to integrate payroll directly with their 401(k) provider;
reduces human error, minimizes risk of non-compliance, and increases administrator productivity
New Providence, NJ, August 11, 2016 – EverythingBenefits, a provider of comprehensive, next-generation benefits technology, announced today the launch of a 401(k) integration offering as part of the expansion of its benefits platform. Manual processes used for employee 401(k) administration are both error-prone and time-consuming. EverythingBenefits’ new solution automates many of the manual processes associated with 401(k) administration, communicating payroll data such as deferrals / contributions and employee demographics to 401(k) providers. With EverythingBenefits, the data that needs to be sent to a company’s 401(k) provider every pay period is automatically and securely delivered in the required format for that particular provider, which help company administrators save time, increase productivity, and reduce mistakes.
With retirement plan administration being highly regulated by the Employee Benefits Security Administration (EBSA), through its enforcement of Employee Retirement Income Security Act (ERISA), mistakes can open up employers to the risk of non-compliance. According to the United States Department of Labor (DOL), the EBSA recovered $696.3 million in 2015 for direct payment to plans, participants, and beneficiaries, and closed 2,441 civil investigations, with 1,640 of those cases (67.2%) resulting in monetary results for plans or other corrective action.
“With such crucial compliance issues at stake for businesses, manually transmitting 401(k) data and files is quickly becoming a thing of the past,” explains Rachel Lyubovitzky, CEO of EverythingBenefits. “Our 401(k) integrations are yet another way that we will help the more than 70 payroll companies we integrate with, and their small- to mid-sized business clients spend less time, money, and resources on benefits administration, and more time focusing on what’s important – enhancing their core business.”
EverythingBenefits is a leading provider of next-generation, end-to-end benefit technology solutions and services including benefit enrollment and administration, carrier connection, and COBRA administration, that help businesses of all sizes and their employees experience benefits in more meaningful ways. By leveraging an open business model, EverythingBenefits partners with benefit brokers, independent agents, insurers, payroll or human capital management companies, and other providers. The company’s philosophy is that technology should make life simpler, more rewarding, and more enjoyable. For more information, please visit our web site at www.everythingbenefits.com or connect with us via our blog, LinkedIn, Twitter, Google+, or Facebook.