Netchex announces the launch of Netchex 401k, powered by Vestwell. This new solution enables businesses to offer a highly sought-after employee benefit at a competitive cost with minimal administrative effort.
COVINGTON, La., July 2, 2024 /PRNewswire-PRWeb/ -- Netchex, a leading provider of human capital management (HCM) solutions for SMEs, today announced the launch of Netchex 401k. Powered by Vestwell, the leading savings platform for businesses and individuals, this new solution is designed to streamline retirement savings administration for employers. Netchex 401k enables businesses to offer a valuable employee benefit at a competitive cost with minimal administrative effort.
In today's tight labor market, retirement benefits are a critical factor in employee recruitment and retention, with 77% of working Americans ranking 401k and pension plans among the most important employer-sponsored financial wellness benefits. Furthermore, employer contributions to 401k plans are deductible on federal income tax returns. New 401k plans may also qualify for up to $16,500 in tax credits over the first three years to offset setup costs.
Despite all these benefits, setting up and managing 401k plans can be complicated and overwhelming due to complex regulations and tasks like enrollment, contribution calculations, and ongoing administration. Netchex 401k simplifies this process, allowing businesses to easily offer retirement savings plans that help attract and retain top talent.
The benefits of Netchex 401k include:
- Easy Setup: Streamlined process minimizes time and resources needed to set up and manage the plan.
- Fully Integrated: Easily manage corporate Match Policies, Safe Harbor, and Fund Vehicle Selections all while minimizing the downstream impacts of audits and fines and reducing administrative workload for HR teams.
- Manage in One Place: Manage your 401k plan alongside other HR functions within the Netchex platform, creating a unified user experience for both employers and employees.
- Employee Self-Service: Employeesmanage everything within the Netchex application available on the web and mobile.
Netchex CEO, Will Boudreaux, emphasized the importance of simplifying retirement savings, "We are thrilled to unveil Netchex 401k in partnership with Vestwell, a solution specifically designed to remove the barriers that prevent businesses from offering a retirement savings benefit."
"There's never been a better time for employers to implement or expand their benefits packages. We're proud to be the preferred partner behind Netchex's 401k solution and offer a seamless, modern solution for businesses of all sizes," Vestwell CEO, Aaron Schumm, echoed the enthusiasm for the collaboration. "Our platform is the only one to offer an end-to-end spectrum of other workplace savings solutions, like managed accounts, student loan matching and paydown services, ABLE benefits, and emergency savings accounts that can be easily integrated with a 401k plan offering."
Abhinav Agrawal, Chief Product & Technology Officer at Netchex, added, "Netchex 401k just works out of the box and employees can easily access account information, check balances, manage contributions, and make investment decisions with a single sign on experience."
Netchex 401k helps businesses attract and retain top talent with a competitive employee benefit. It reduces administrative burdens through automated features and streamlined processes, and it improves employee satisfaction with a user-friendly platform for managing retirement savings.
Visit https://netchex.com/401k for more information. If you are an existing Netchex customer, please reach out to your account manager to learn more.
About Netchex:
Netchex is one of the industry's fastest-growing payroll and HR service providers. Netchex's single-source technology solution is a cloud-based, end-to-end platform for managing the employee lifecycle from recruitment to retirement. With powerful, yet easy-to-use technology and award-winning customer support, Netchex currently services over 6,500 clients. Headquartered in Covington, LA, Netchex has offices in Atlanta and Dallas, with representatives nationwide. Please visit https://netchex.com for more information.
Media Contact
Katie Kennedy, Netchex, (985) 220-1410, [email protected], https://netchex.com
SOURCE Netchex
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