401(k) Insights serves as our monthly newsletter created specifically to assist business owners and plan administrators in navigating their retirement plan requirements.  If you have any questions, please contact us anytime. 

Small business 401(k) plans, while beneficial for employees and employers alike, face efficiency issues due to various reasons. In this edition, we will address how modern plan design features like 360º payroll integration can help drive efficiency with your company’s 401(K).

Here are some important points to consider.

-  Full payroll integration with the 401k: (360º) allows for seamless communication between the company's payroll system and the 401(k). With this, administrative tasks related to the 401(k) such as updating employee contribution elections are fully automated and require no manual intervention.

-  Data Accuracy: By eliminating manual data entry and reconciliations, payroll integration minimizes the risk of errors and ensures data accuracy across both payroll and retirement plan systems.

-  Cost Savings: Automating the payroll and retirement plan processes through integration can lead to cost savings by reducing the time and resources required for administration and minimizing the risk of errors that could result in fines or penalties.

Are you confident your plan is compliant and maximizing your benefit? We can help. If you’d like a complimentary review of your retirement plan, please click this link and provide some basic information.