The new retirement plan currency: interfacing the payroll system with 401(k) administration
Pardon the pun, but more employers are indeed achieving cost and operating efficiencies when the payroll system and 401(k) administration can directly talk to each other.
In the unconnected world, there are a multitude of steps that need to be done in order to get the employee's 401(k) contribution into the 401(k) recordkeeper's platform. With an integrated system, all of this takes place electronically, and the employer is removed as the middleman.
The result? Many employers have regained as much as 50 to 100 hours annually – time which could now be spent on strategic organizational matters.
You can read more about how employers are achieving these kinds of results in our Special Report: Interfacing 401(k) and Payroll.