New Offering Connects 401(k) Recordkeeping With Payroll Data to Minimize Time-Consuming, Manual Processes
CINCINNATI, OH - (Marketwired - Jun 23, 2015) - Paycor, providing companies with intuitive, cloud-based onboarding, HR, payroll and timekeeping software, today announced the launch of its 360-degree 401k service, which is designed to simplify retirement plan administration for retirement brokers, financial advisors and third-party administrators.
In a tight labor market, helping employees plan for retirement by providing robust 401(k) options is a proven method for attracting and retaining talented candidates. Yet, many companies struggle under the administrative burden required to handle the recordkeeping and payroll data involved in 401(k) management. Paycor's new service, which is built on its intuitive, cloud-based HR platform, automatically sends employees' retirement information from payroll to the 401(k) provider, reducing the potential for errors while minimizing administrative effort.
Through Paycor's integration with select 401(k) providers, there is an automated flow of information between the company's 401(k) and payroll solution. Critical information like deferral changes, loans, matches and demographic data can be accessed and updated without the need for time-consuming manual processes. With the addition of services provided through Paycor's Broker Care, retirement brokers and third-party administrators have a reliable resource to gather census data from mutual clients or to get specific client answers when they need it most.
For employees, the new 401(k) service means that they now have the ability to make changes directly to their 401(k) plans without filing paperwork. Any updates they make will flow directly to payroll to ensure improved accuracy and recordkeeping. Paycor's 360-degree 401(k) service connects with leading 401(k) providers, including American Funds, Fifth Third Bank, Empower Retirement, J.P. Morgan, Putnam and SunTrust. Paycor also provides electronic data interchange (EDI) retirement feeds with other top retirement brokers nationwide.
"In order to remain competitive, companies must find ways to simplify their day-to-day processes and minimize time-consuming, manual tasks that prevent them from focusing on more strategic areas of their business. With the introduction of our 360-degree 401(k) service, we are giving our clients time back in their day by streamlining an additional, important aspect of benefits management," said Brad Dewey, director of Product Management at Paycor. "As we enhance our existing products and unveil new offerings, we will continue to find ways to deliver solutions that further reduce administrative time and create greater efficiencies for HR management."
Additional information about Paycor's new 360-degree 401(k) service is available here.