Attention: Say goodbye to manual data inputs. Our new 401(k) Pay Payroll Integration makes managing 401(k) plan contributions easy!

Managing payroll contributions in a retirement plan can be a time-consuming process. As a plan sponsor you are most likely in charge of the payroll for your business. Part of that process in a 401(k) plan mean entering and uploading the information every pay period to your recordkeeping system, subjecting you to the risk of costly errors when manual entries are required, or contributions are not deposited timely.

We have been working to simplify this process and make it more efficient. For this we have now implemented a tool named 401(k) Pay Payroll Integration. 401(k) Pay Payroll Integrations is a software-as-a-service that connects major payroll providers with 401(k) recordkeeping platforms. It helps 401(k) recordkeepers and TPAs by providing their clients with a plug-and-play data integration solution.

The goal is to simplify the work for the plan sponsors and eliminate data entry errors by automating deferral uploads from the payroll processor into the recordkeeping platform. It will also eliminate the process of uploading the payroll files manually. All deferral updates or changes will be made automatically with seamless two-way communication between the 401(k) and payroll.

How It Works

Each payroll period, census and payroll data are automatically transmitted to us from your payroll provider, without the need for any manual intervention. Additionally, for 360° full integration payroll providers, updated deferral and loan information is pushed to your payroll provider, ensuring participants’ contribution rates are always up to date.

Supported Payroll Platforms

There are two options of automated solutions for payroll integration. The first is 180° integration— with this option the plan sponsor’s payroll provider and 401(k) recordkeeper are integrated to share critical information on participant contributions. Data flows automatically from payroll to the recordkeeper, but only in one direction.

The integration from your payroll and recordkeeping providers replaces the need for a payroll template. The participant data would now be shared automatically, reducing the need for human interaction so the potential for errors can also be reduced.

A plan sponsor could choose the second option which is the 360° integration—this is where the data flows in both directions between the payroll firm and the 401(k) recordkeeper. Why choose two-way integration? Because it would automate all aspects of contribution processing, including changes participants make on the plan provider’s website to adjust their contribution levels. With 180° integration, these changes would have to be done manually. (not available with all payroll firms)

401(k) Pay Overview:

  • You no longer need to upload files to us – we’ll work directly with your payroll provider
  • Payroll and 401(k) provider integration reduces the amount of fiduciary risk for the plan sponsor
  • Direct communication between your 401(k) provider and your payroll provider – you no longer have to be the middle man
  • Helps ensure on-time contributions
  • 360° Full integration payroll providers receive participant contribution election changes directly from TRPC – you no longer need to enter them manually
  • Less time and hassle for you
  • Secure: We understand the sensitive nature of the information we transfer. All databases are hosted on secured sites and all data is encrypted in transfer and at rest. Data is backed up across multiple sites in case of natural disaster, so data is never lost and our services run on time without issue.

We are always looking for ways to provide the best services to our clients and 401(k) Pay Payroll Integration is one of them. Please do not hesitate to contact us today to see if 401(k) Pay Payroll Integrations’ solution is right for your practice.