Paychex Named Largest 401(k) Recordkeeper in the U.S. for 12th Consecutive Year
For the twelfth year in a row, Paychex, Inc. has earned PLANSPONSOR magazine’s distinction of being the nation’s largest 401(k) recordkeeper by total number of plans. Paychex, a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, serves over 100,000 plans.
Paychex also earned recognition as the industry leader in the number of plans added in 2021, with 20,290 new plans. The company was also recognized as the leading provider of 401(k) plans with less than $10 million in assets.
“The SECURE Act and other federal and state initiatives are helping to expand retirement savings access across the U.S.,” said Michael Majors, vice president of HR Services Sales at Paychex. “With the introduction of our Pooled Employer Plan and other retirement offerings, Paychex is doing our part to ensure business owners and their employees have the opportunity to save for a secure retirement. This recognition speaks to the innovative tools, intuitive technology, and expert service that are at the heart of everything Paychex does.”
Paychex offers affordable, comprehensive 401(k) plans for businesses of any size. Customers and participants enjoy:
- Full integration with Paychex Flex®. Users can integrate their 401(k) plans with the company’s SaaS-based HR suite Paychex Flex, including payroll, HR, insurance, and other services, to reduce administrative time and cost, improve reporting, and meet fiduciary obligations.
- Pooled Employer Plan option. Paychex’s Pooled Employer 401(k) Plan (PEP) gives business owners a simpler, more cost-effective way to offer comprehensive retirement benefits to employees. Paychex acts as both plan sponsor and plan administrator of the PEP, reducing employers' fiduciary and administrative burdens. The PEP is especially well-suited for small to mid-sized businesses that may have been unable to offer a retirement plan due to the lack of affordable plan options, time, or resources needed to manage complex plan administration. PEPs also offer a feature-rich alternative to the growing number of state-mandated retirement plan programs and can be a beneficial option for employers with an existing plan looking to reduce fiduciary and administrative responsibilities. Since its launch in January 2021, the Paychex PEP has added more than 10,000 clients.
- Accessible investment management and self-service tools. Paychex’s tools allow participants to take control of their experiences. Users can enroll in, view, and adjust their plans in just a few clicks on any device. Paychex’s mobile-first technology lets participants view and manage retirement plans from their smartphone, tablet, or desktop. Other tools—like savings calculators and automatic contribution increases—help participants maximize their retirement savings, and personalized investment advice from third-party experts helps them make more informed decisions for their futures.
- Fee transparency. Paychex plans make visibility a top priority. Participants and employers get clear explanations of any fees they pay related to the account. With a return of concessions feature, most 401(k) plans with Paychex return revenue sharing payments to the plan, ensuring fee equalization, share class neutrality and fee transparency.
- Investment flexibility and fiduciary solutions. Plan sponsors can choose from thousands of plan investment choices, with no proprietary requirements, or get help managing investments from third-party 3(38) and 3(21) investment service providers which help plan sponsors select investment choices and help alleviate fiduciary risk.
For more information, visit Paychex’s 401(k) and Retirement Services website. Financial services professionals seeking to offer flexible retirement plans to their clients can learn more at Financial Advisor Partnerships with Paychex.
To view the complete results of the 2022 Recordkeeping survey, visit PLANSPONSOR’s website.
About the Survey
The annual PLANSPONSOR Recordkeeping Survey was conducted this June via an online questionnaire. Recordkeepers of defined contribution (DC) plans participated in the survey and provided the information within the report. All data from this survey are reported as of December 31, 2021.
Paychex, Inc. (Nasdaq: PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits, and insurance services. By combining innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers business owners to focus on the growth and management of their business. Backed by 50 years of industry expertise, Paychex serves more than 730,000 payroll clients as of May 31, 2022, 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.