TMCnet News
Payroll Integrations Automates Admin Hassles of 401(k) Compliance TestingPayroll Integrations, the technology company that's reimagining how employers support employees' financial well-being through benefit automation, today announced the launch of its new TPA Connect Platform. The 401(k) compliance testing solution automates the process of collecting payroll and employee census data for third-party administrators (TPAs) and ensures they have accurate data for year-end testing. The product is an extension of the company's platform that directly connects payroll systems with 401(k) and other benefit providers for over 5,000 companies. Compliance testing, required for any company that offers a 401(k) plan, ensures that employer-sponsored plans are fairly administered and benefit every employee-rather than just highly compensated employees or company executives. Most of this compliance work is done by TPAs, who must review payroll, employee census data and asset reports in detail to identify equal opportunity and certify that distributions were accurately made throughout the year. As part ofthis process, TPAs traditionally must go back and forth manually with employers, payroll providers and 401(k) providers to get all the data they need. Payroll Integrations now automates this time-consuming process, so TPAs no longer have to track down documents and data across various sources and piece them together. Because the company has built integrations with the largest and most widely-used payroll companies and benefit providers in the U.S., including ADP, Quickbooks Online, Empower and Transamerica, TPAs can obtain accurate data reports for year-end compliance testing at any time. With data transferred directly from payroll systems and benefit providers-without any manual entries from employers-TPAs can ensure complete accuracy in the data they receive. This means they don't have to compare payroll and retirement plan data line by line and proof for errors. PPSS Inc and Hunnex & Shoemaker are among the TPAs already using the 401(k) compliance testing solution. "This is an especially stressful time of year for TPAs as they spend hours trying to get a hold of the documents they need from employers and payroll and benefit providers to complete yearly compliance testing-this should be a fairly simple task but instead it's put administrative strain on TPAs," said Doug Sabella, CEO, Payroll Integrations. "Our new compliance solution is a natural progression of the payroll integrations we've spent years building and exemplifies the deep industry expertise that we have to solve these vital problems the industry faces." Payroll Integrations recently raised its $20M fundraising round, led by growth equity firm Arthur Ventures. The company will use the funding to continue to expand its product line to further employees' financial wellness journey. About Payroll Integrations: Payroll Integrations is the technology company that's reimagining how employers support employees' financial well-being through benefit automation. Their integration platform is used by more than 4,000 businesses to connect payroll with retirement, HSA and other employer-sponsored benefit plans for over one million employees. Payroll providers including ADP, Paychex, Quickbooks Online and others use Payroll Integrations to seamlessly connect with 401k benefit providers such as Empower, Transamerica, Principal, VOYA and John Hancock. Payroll Integrations is backed by Arthur Ventures and headquartered in San Diego.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240208676417/en/ |
