Known for employee onboarding and human resources administration solutions, Paycor has launched a new “360-degree 401(k) service” designed to simplify plan management for retirement plan sponsors, brokers, advisers and third-party administrators.
The company says it sees many plan sponsors “struggle under the administrative burden required to handle the recordkeeping and payroll data involved in 401(k) management.” To meet this challenge, Paycor’s new service, which is built on its 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.
Paycor has integrated the service “with select 401(k) providers,” allowing for automated flow of information between a client 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, according to the firm. With the addition of services provided through Paycor’s Broker Care solution, retirement brokers and third-party administrators have a resource to gather census data from mutual clients or to get specific client answers on demand.
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, Paycor says, and “any updates they make will flow directly to payroll to ensure improved accuracy and recordkeeping.”
Paycor’s 360-degree 401(k) service currently connects with the retirement platforms at American Funds, Fifth Third Bank, Empower Retirement, J.P. Morgan, Putnam and SunTrust, the firm says. Additional information about Paycor’s new 360-degree 401(k) service is available here.