Frankly, I think all companies should seriously consider doing this. It’s best practice.
Los Angeles, CA (PRWEB) March 07, 2017
QBI Payroll, an affiliate of QBI, LLC, announces a new service for its payroll clients, providing the ease of automatic data submission of retirement benefit information to their financial providers. The platform significantly reduces the tedious work of manually creating and submitting retirement benefits data files and information to financial providers.
For QBI Payroll clients who use this service, QBI’s systems will automatically generate accurate data files and upload them to the retirement benefits providers. The system uses the internal settings of the payroll profile for each employee, making sure that the correct amounts are being properly deposited during each payroll run.
“By allowing the QBI payroll system to automatically generate the file, clients save time and effort for their HR department while potentially eliminating costly errors and late filings, particularly if the responsible staff person is taking time off or terminates,” notes QBI President and Chief Executive Officer Nick Stonnington.
QBI’s data submission format allows an export file to be customized to the particular client and vendor. The system is designed to generate the file each time a payroll run is finalized. The file is then sent through a secure upload process to the designated vendor.
Stonnington adds, “Integrating our clients’ retirement plans with their payroll is an obvious way of keeping this sensitive data secure while eliminating the need for staff to see and handle the data and at the same time saving client resources. Frankly, I think all companies should seriously consider doing this. It’s best practice.”
Founded in 1978, QBI, LLC is one of the largest and most experienced TPAs in the country. Specializing in customized design and implementation of retirement plans, QBI provides 401(k), 403(b), profit sharing, pension, cash balance, and hybrid plans. QBI has over 100 employees, three enrolled actuaries, and over 32 consultants, providing administration to 4,000 plans. In the past 18 months, QBI has further expanded operations by acquiring Strategic Pension Services, as well as full-service payroll processors Payroll Ready and PayDaze.