Paychex Ranks No. 1 in Survey of Defined Contribution Recordkeepers
Rochester, NY (April 14, 2015) – Paychex, Inc., one of the nation’s leading providers in retirement recordkeeping services for America’s businesses, ranked number one in a recent survey by Pensions & Investments (P&I) magazine of companies that provide recordkeeping services for defined contribution plans. This marked the fifth consecutive year Paychex has topped the annual Pensions & Investments listing by sponsors.
“We are thankful for this recognition and excited to have maintained our top spot on this annual listing,” said Lonny Ostrander, vice president of Human Resource Services Sales for Paychex. “A 401(k) plan is one of the most valued benefits an employer can offer. At Paychex, we’re proud to be an essential partner in bringing retirement savings to thousands of businesses owners and their employees.”
The Pensions & Investments survey ranked U.S. defined contribution recordkeepers as of December 31, 2014, and showed Paychex with a lead of more than 20,000 sponsors over the second-ranked company.
Following is the list of the top ten defined contribution recordkeepers ranked by sponsors, according to P&I’s survey:
| Rank | Record Keeper | Sponsors |
|---|---|---|
| 1. | Paychex | 67,000 |
| 2. | ADP Retirement | 46,773 |
| 3. | Voya Financial | 46,227 |
| 4. | John Hancock Financial | 45,072 |
| 5. | Ascensus | 44,377 |
| 6. | Nationwide Financial | 39,219 |
| 7. | BofA Merrill Lynch | 34,483 |
| 8. | Principal Financial | 34,101 |
| 9. | MassMutual Financial | 32,658 |
| 10. | Empower Retirement | 31,734 |
Paychex recordkeeping services are part of the company’s suite of retirement offerings, which are designed to meet the needs of businesses of all sizes. Available plan types include: Traditional 401(k), 401(k) with safe harbor provision, Owner-only 401(k), 401(k) SIMPLE, SIMPLE IRA, Profit-sharing plans. In addition to extensive options for plan sponsors, Paychex also works with financial advisors to help grow retirement plan business through a dedicated team of internal and external wholesalers.
For more information on Paychex 401(K) services, visit www.paychex.com/retirement. Financial advisors interested in partnering with Paychex should visit www.paychex.com/advisors.
Paychex is the preferred payroll and retirement services provider for the American Institute of Certified Public Accountants (AICPA) Trusted Business Advisor Program.
To see the most recent Awards & Recognitions for Paychex, click here.