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
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.
