In addition to earning consecutive recognitions as the largest 401(k) recordkeeper by number of plans,
“Innovation is the cornerstone of our business and we work tirelessly to deliver user-friendly tools and intuitive technology that help our clients and their employees save for a dignified retirement,” said
The company offers affordable 401(k) plans for any size business, with the following features:
Paychexintegration for increased efficiency– The ability to integrate retirement into the full suite of solutions from Paychex, including payroll, human resource services, insurance and more, through Paychex Flex® can help plan sponsors reduce administrative time and cost, improve reporting, and meet fiduciary obligations.
- Expanded participant accessibility and convenient investment management – With the ability to enroll in a plan in as few as four clicks, view, and change 401(k) options from any device, participants have greater plan access. Participants can also maximize the potential of their retirement savings through a host of tools, including savings calculators, automatic contribution increases, and more. Additionally, participants have access to personalized investment advice from third-party experts.
- Fee transparency – Plan sponsors and participants benefit from a clear picture of the fees they pay. With a return of revenue feature, any revenue-sharing payments are returned to the participant accounts from which they were generated, ensuring fee equalization, share class neutrality, and fee transparency.
- Plan accessibility across devices –
Paychex’smobile-first technology enables plan participants to view and manage their retirement plan from anywhere. Participants can easily access their account balance, set up loans, view loan information, manage investments, deferral amounts, and personal account information, and use calculators to ensure they are on track to achieve their retirement goals all from their mobile device.
- Investment flexibility and fiduciary solutions – Plan sponsors can match investment objectives with a diverse range of risk and return profiles, with no proprietary requirements.
Paychexprovides plan sponsors solutions to select from thousands of investment choices, makes it simple with fixed menu options, or access to help managing investments from third party 3(38) and 3(21) investment services experts.
- Pooled Employer Plan option –
Paychexlaunched the PaychexPooled Employer Plan (PEP) in January 2021, giving business owners a simpler, more cost-effective plan option. Paychex Retirement LLCacts as both plan sponsor and plan administrator of the PEP, relieving employers of significant fiduciary and administrative burden. The PEP is especially well-suited for small to mid-sized businesses that may have been unable to offer a retirement plan previously due to the lack of cost-effective plan options or the time or resources needed to manage complex plan administration. PEPs also offer a more feature-rich alternative to the growing number of state-mandated retirement plan programs. Since its launch, the Paychex PEP has added more than 5,000 clients.
For more information, visit 401(k) and Retirement Services on Paychex.com. Financial services professionals seeking to offer flexible retirement plans to their clients can learn more at Financial Advisor Partnerships with
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