For the ninth consecutive year, Paychex, Inc., one of the nation’s leading providers in 401(k) recordkeeping services, has earned the distinction of being the retirement industry’s leader in total number of defined contribution plans, serving 84,000 plans, more than any other provider in the retirement industry payroll deductions. The ranking was announced as part of the annual 401(k) Recordkeeping Survey published by PLANSPONSOR magazine, a national publication dedicated to the pension and retirement industry Hrtech.
In addition to earning consecutive accolades as the largest recordkeeper by number of plans, Paychex also earned the distinction of being the leading provider by total number of plans added in 2018, with 16,425 new plans. Paychex was also recognized as largest recordkeeper by total plans with less than $10 million in assets.
For Ron LeBlanc, vice president of finance and partner of TLF Graphics, an industrial and retail printing company, the 401(k) offering through Paychex has not only helped his business stand out in the tight labor market, but also helped reduce the administrative burden of plan administration. “As a recruitment tool, the 401(k) is a very integral part of what we offer our employees. Prior to Paychex, we were spending a lot of our time doing the administrative part of it,” said LeBlanc.
Solutions from Paychex Retirement Services meet the needs of businesses of all sizes by delivering:
- Next-level efficiency with full Paychex integration – The ability to integrate retirement into the full suite of services from Paychex, including payroll, human resource services, insurance and more, through Paychex Flex® helps plan sponsors reduce administrative time and cost, improve reporting, and meet fiduciary obligations.
- Fee transparency – Plan sponsors and participants benefit from a clear picture of the fees they pay. With the return of revenue feature, any revenue-sharing payments are returned to the participant accounts from which they were generated, ensuring fee equalization, share class neutrality, and fee transparency.
- Plan accessibility across devices – Plan sponsors can view and manage every aspect of their plan from a desktop or mobile device, including employee data, plan administration, documents and reports, plan tips, tools, and more.
- Investment flexibility and fiduciary solutions – Plan sponsors can match investment objectives with acceptable levels of risk and return, with no proprietary requirements. Paychex provides the solutions to select from thousands of investment choices, make it simple with fixed menu options, or get help managing investments from third party 3(38) and 3(21) fiduciary services experts.
- Expanded participant accessibility and convenient investment management – With the ability to enroll in a plan in as few as four clicks, view, and change 401(k) options from any device, participants have greater plan access. Participants can also maximize the potential of their retirement savings through a host of tools, including savings calculators, automatic contribution increases, and more. Plus, participants have access to personalized investment advice from third party experts.
“At Paychex, we have a long history of providing simple solutions that help remove the complexity of saving for retirement. Our innovative technology solutions, and the support of our expert service professionals, empower business owners, as well as their employees, to confidently prepare for retirement,” said Paul Davidson, director of product management at Paychex. “Through our partnerships with business owners, along with a dedicated focus on the financial advisor community, Paychex is proud to continue to serve more 401(k) plans than any other provider in the retirement industry.”