One of your responsibilities as a 401(k) plan sponsor is to make sure that you and your employees stay educated and equipped with the right tools to put everyone on a secure path to retirement readiness. Wouldn’t it be great if one simple solution, paired with your current payroll processing, could process and update records, handle participant contributions, and stay compliant with whatever new regulations may get tossed your way? Integrating your 401(k) plan administration with your payroll process can do all of that – giving you more time to take care of what’s really important, running your business.
In a perfect universe, 401(k) administration becomes a seamless, 360◦ service between payroll and plan processing. Automating this process means the necessary data that needs to go to 401(k) providers every pay period is efficiently transferred. This synchronized integration process provides the connecting points to a virtual two-way communication highway, linking and synching employee information at every stage of the retirement savings process. Information is moved from the employee, to plan sponsor, to the investment provider and back again while protecting the integrity of the data and significantly decreasing the risk of errors.
When the payroll and 401(k) administration are integrated, employee information can be immediately uploaded in the onboarding stages and plan participants can begin contributing as soon as eligibility requirements are met. When there are changes to the plan such as employee contributions, the changes are immediately acknowledged and the records are updated. Plan sponsors and participants are kept up to date with information that will keep them on track to meet their retirement goals.
Getting started is easy.
Finding the right 401(k) plan administrator with a history of successful integration is key. CoPilot takes a customer-centric approach by offering a built-in integration solution, giving you more time to run your business and less time managing a retirement savings plan.
If you'd like to offer your employees a better retirement savings experience, call one of our specialists at 800.236.7400 or Contact Us Online.
Molly Groves, MBA – Partner Account Manager, Growth Process – firstname.lastname@example.org Phone: 800.236.7400 ext 3490.
Molly is a subject matter expert on 401(k), partner relationship management, integrated services, and the overall payroll industry landscape.