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| [July 20, 2004] |
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ADP Launches TPASelect Retirement Services Program; Partnership with Third Party Administrators Offers Local Support and Custom Retirement Plans to Small Businesses
ROSELAND, N.J. --(Business Wire)-- July 20, 2004 -- ADP(R) Retirement Services, part of the Employer Services division, a leading provider of integrated outsourced payroll and human resources services, today announced the introduction of its TPASelect(SM) retirement services program for small businesses - from new start-ups to existing plans with 100 or more employees. Through this program, employers will work with local Third Party Administrators (TPAs) for customized plan design, compliance testing and consulting services. TPASelect combines ADP's proficiency in plan recordkeeping, payroll integration, and sponsor/participant support with local TPA services. This program provides small business owners with a local presence and flexible retirement offering that is tailored to their organizations' needs.
Employers will have the option of working with their own TPA or selecting one from ADP's national network of Select TPA partners. Currently, the ADP Select TPA Network includes more than 40 retirement plan professionals, who have been chosen by ADP for their expertise and excellence in customer service. The majority of these TPAs attended the first annual ADP Select TPA Conference in mid June. The primary focus of the two-day session was providing an overview of the new ADP TPASelect service.
"The TPASelect program delivers on ADP's strategy of partnering with key members of the retirement services community to provide comprehensive solutions that meet the needs of today's employers," said Kendall Kay, Vice President, Marketing, Strategic Planning and Business Development, ADP Retirement Services. "No two businesses or business owners are alike, and therefore it's essential that we offer plans that will align with the unique needs of our customers and their businesses."
"ADP has gone out of its way to solicit feedback from the TPA community," said Nancy Flachsbart, President, Qualified Plan Services, Ltd., an ADP Select TPA partner. "This offering responds to both the needs of small businesses and resonates with the TPA community. ADP is demonstrating a high-level of commitment by helping us grow our business and providing us with tools to make our jobs easier. The integration of recordkeeping with payroll processing is just one example of the great benefits."
Under the TPASelect program, the recordkeeping platform is electronically linked to ADP's payroll platform. This enables the TPA to easily download census data that is needed to reconcile payroll and plan information. The need for the TPA to request this data from the client is eliminated, and the administrative effort spent re-keying information is minimized. It also helps facilitate the accurate as well as prompt transfer and recording of employee deferral contributions. This saves both the plan sponsor and TPA time and money. Employers who do not use ADP for payroll processing are provided a Web-based tool for easy entry of employee and contribution data.
In addition to partnering with the TPA community, ADP has entered into business relationships with industry-leading investment providers to help employers and employees create an optimal retirement portfolio. Clients also gain access to a team of Implementation Specialists that help educate employees about their plan so that they can enroll with confidence. Plan participants are offered unique planning tools designed to help them optimize their retirement savings outcomes, including automatic account rebalancing and Save Smart(R), which automates employee-elected increases to their tax-deferred 401(k) payroll deductions on a specified date each year.
Providing retirement services to organizations since 1989, ADP provides employers of all sizes with a highly automated and flexible service model that enables organizations to focus more time on their core business. For TPAs who would like more information on the benefits of partnering with ADP, simply visit www.adp401k.com or contact Steve Hart, ADP National Director of TPA Programs at steve_hart@adp.com. For small businesses that are interested in more information on ADP Retirement Services' portfolio of 401(k) and defined contribution solutions, including its new TPASelect program, call 1-800-432-4015 extension 362 or visit www.adp401k.com.
About ADP
Automatic Data Processing, Inc. (NYSE:ADP) with over $7 billion in revenues and approximately 500,000 clients, is one of the largest independent computing services firms in the world. ADP Employer Services (ES), a division of ADP, Inc., is a leading provider of integrated business administrative solutions that help its over 470,000 clients efficiently manage their internal processes, allowing them to focus on core competencies. ADP Employer Services' offerings include both traditional and Internet-based outsourcing products and services, giving clients the ability to select from ADP's comprehensive range of World Class Service solutions. Services include: payroll, tax regulatory management, HRMS, benefits administration, time and labor management, retirement plan services, online recruiting, PEO services, and employment screening and selection. For more information about ADP Employer Services, or to contact a local ADP sales office, reach us at 1.800.225.5237 or visit the company's Web site at www.adp.com.
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