ADP Retirement Services is launching a simplified 5500 compliance reporting process, featuring system enhancements developed to streamline potentially cumbersome reporting requirements.
Kristin Andreski, senior vice president and general manager of ADP Retirement Services, says this development marks the second phase of the firm’s compliance dashboard enhancement. Building upon its initial launch in January, ADP has expanded the dashboard functionality by introducing an improved Form 5500 filing process, which includes pre-populating plan data and company information as well as delivering a guided, online filing experience to save businesses time and help reduce potential errors.
“Recognizing that retirement plan compliance can be technical, frustrating and time-consuming for plan administrators, we aimed to create something that is easy and intuitive,” Andreski says. “We specifically added these enhancements to the compliance platform to provide businesses the tools they need to reduce time spent on administrative tasks so they can focus on managing their business, not their retirement plan. Now more than ever, workplace benefits are critical to protecting workers from new threats while providing financial security.”
Plan sponsors using the simplified reporting process can review and update business and plan data, review financial summary and participant details, receive notifications of a filing error or successful submission, and access educational guides and other helpful resources.
For more information about ADP Retirement Services offerings, visit www.adp.com.