Without a payroll integration established with 401(k) providers, administrators are required to handle plan change requests and make updates using manual processes. One off requests and manual file uploads are time consuming, hard to track and error-prone. Because retirement plan administration is highly regulated, having the ability to connect payroll directly to the financial institution eliminates mistakes and reduces the risk of missing a contribution payment or non-compliance.
Automating this process means feeding payroll data like deferrals/contributions and employee demographics to 401(k) providers has never been easier. With our 180 (one-way) connection, the necessary data required by the 401(k) providers is automatically delivered every pay period. The up-to-date payroll information including contributions, loans, deferral changes, and census & demographic information is delivered directly to the financial institution in the required format.
Establishing a direct connection of our unified HCM platform with your financial institution can empower your employees to make changes to their plan contributions and that data is updated seamlessly into payroll and the 401K plan. Data files are automatically and securely transmitted in the format required by whichever 401(k) provider you are using. This helps plan administrators streamline the processes, increase productivity, and reduce mistakes.
Our 180 and 360 401k connectivity options are just some of the carrier connection capabilities available through our benefits administration solution. We integrate our payroll system with 401(k) providers plus hundreds of of other carriers. This means benefits information for medical, dental, vision, life, and other supplemental or voluntary insurance plans can be automatically delivered to insurance carriers.