Salt Lake City (PRWEB) November 30, 2016
BenefitGuard was founded in 2010 with the intent of fixing a broken 401(k) model. Today, the company announced partnerships with major payroll providers to simplify small business access to payroll-integrated 401(k) solutions. These partnerships include Sage Payroll Services, formerly known as PayChoice.
“BenefitGuard and Sage provide their mutual customers with the assurance that their work force is being paid correctly and that the 401k records are being accurately recorded and report,” states Renee Sconzo, Senior Partner Advocate of Sage Payroll Services. “BenefitGuard’s high-service, cost effective solution compliments the service standards Sage Payroll is known for.”
401(k) Payroll Integration:
1. Allows for seamless data flow from payroll provider to 401(k) recordkeeper for improved accuracy
2. Makes 401k administration easier for the HR managers and payroll departments
3. Eliminates manual data entry Improving data integrity and reducing compliance errors
401(k) plan regulations require the sponsoring employer to submit payroll data to a recordkeeper each payroll period which outlines how much each employee made, how much they deferred, if they received a match, made a payment on a loan, etc. The recordkeeper uses the data to pull the correct contributions and deposits them into the 401(k) accounts. Employers often manage this manually and find it very time consuming. Payroll integration fixes this problem by automating the submission process.
“We have expanded our payroll integration efforts in response to market feedback. This has benefited our existing clients and resonates well with prospective clients who value simplicity in administration,” explains Matt Bradley, CEO of BenefitGuard. “Partners like Sage, who have built integrations with our recordkeeping solution, have been crucial in our efforts to extend this benefit to clients. The payroll providers also benefit in operational efficiency, client retention, and client acquisition.”
BenefitGuard’s growing list of payroll integration partners also includes Paylocity, Heartland Payment Systems, Keystone Payroll, Vision Payroll, Payroll Processors, Paycor, Payroll Experts, and Flex-Pay among others.
BenefitGuard, LLC offers a low-cost 401(k) solution for small to mid-size businesses. BenefitGuard uniquely appoints professional fiduciaries to sign and act in administrative and investment fiduciary roles to dramatically reduce fees for employees and fiduciary risk and work for employers. Through a network of best-in-class partners, BenefitGuard provides cloud-based recordkeeping, payroll-integration, third party administration, custodial, advisory, and full fiduciary services. 401(k) plans are sold directly to employers and by financial advisors, payroll providers, HSA providers, benefits brokers, and other professional service firms. BenefitGuard was founded in 2010 and is headquartered in Orem, Utah.
John Pilmer, PilmerPR