Administering a retirement plan is a multistep effort that hinges on timely and accurate payroll deductions, and there are a lot of moving parts behind the scenes. In employer-sponsored retirement plans, funds come from employee paychecks, an employer match or profit sharing. Employee contributions (pre-tax and/or ROTH) must be deducted and placed into their individual accounts each payroll cycle. This involves:
Traditionally, many retirement plan contribution processes have been handled manually. This can lead to a fragmented, tedious process for Plan Sponsors and HR teams.
This is where payroll integration can help automate the administrative process by connecting your payroll platform to a recordkeeping system. Through automated administration and compliance monitoring, it can help small businesses offer retirement benefits to their employees—all while avoiding costly errors, saving time and money in the process.
Integrating your Retirement Plan administration helps streamline the entire payroll process. An integrated plan eliminates many burdens of managing a retirement benefit, which in turn provides businesses with better accuracy and reliability to free up precious resources.
By relying on technology to maintain your payroll, you can reduce administrative burdens and ensure that employee contribution changes are automatically and accurately applied to your payroll process.
Contact Sentinel Group for more information.
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