Paychex Again Recognized as Industry Leader in 401(k) Recordkeeping Services
For the eighth 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 80,000 plans. The ranking was included as part of the annual Recordkeeping Survey published by PLANSPONSOR magazine, a national publication dedicated to the pension and retirement industry.
“At Paychex Retirement Services, our goal is to help America’s businesses prepare their valued employees for a secure retirement,” said Terry Sukalski, vice president of human resource services sales for Paychex. “By offering customizable and scalable 401(k) solutions, paired with exceptional service, we’re doing just that. 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.”
In addition to earning consecutive accolades as the largest recordkeeper by number of plans, Paychex also earned the ranking of largest recordkeeper by total plans with less than $10 million in assets. Paychex was also recognized as one of the leading providers by total number of plans added in 2017, with 15,100 new plans.
Solutions from Paychex Retirement Services meet the needs of businesses of all sizes by delivering:
- Next-level efficiency with full Paychex HCM integration – The ability to integrate retirement into the full suite of services from Paychex, including payroll, insurance, and more, through the Paychex Flex® HCM technology and service platform 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 Concessions 401(k) 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, and plan tips and tools.
- 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.
- Participant support – Participants can enroll with ease, access their accounts through the online portal or mobile app, get personalized quarterly statements, use the retirement calculator to check their savings progress, and get personalized investment advice from third party experts
For more information on Paychex 401(k) services, visit www.paychex.com/retirement-services. Financial advisors interested in partnering with Paychex should visit www.paychex.com/partnerships/financial-advisors.
For the complete results of PLANSPONSOR’s Recordkeeping Survey, visit www.plansponsor.com/research/.
Paychex is the preferred payroll, HR, and retirement services provider for the American Institute of Certified Public Accountants (AICPA) Trusted Business Advisor Program.
About Paychex Retirement Services
Paychex, Inc. is a leading provider of integrated human capital management solutions, including a full suite of retirement services designed to meet the needs of businesses of all sizes. In addition to extensive options for plan sponsors, Paychex Retirement Services also works with financial advisors to help grow retirement plan business through a dedicated team of wholesalers, sales representatives, and advisor support experts.
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of integrated human capital management solutions for payroll, human resources, retirement, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 45 years of industry expertise, Paychex serves over 650,000 payroll clients as of May 31, 2018, across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting www.paychex.com, and stay connected on Twitter and LinkedIn.