Paychex Simplifies Retirement Plan Enrollment and Management with Latest 401(k) Enhancements
Paychex, Inc., one of the nation’s leading providers in 401(k) recordkeeping services, has released a series of enhancements to both its participant dashboard and advisor portal, designed to simplify the process of enrolling in and managing a 401(k) plan. The new participant dashboard, along with added functionality to the advisor portal, is the latest in a series of retirement-focused product developments from Paychex.
For participants, the new dashboard experience expands retirement plan access, understanding, and investment management through a series of new features, including:
- A simplified enrollment process. In as a few as four clicks, participants can immediately enroll in a plan from their phone, tablet, or desktop device.
- Tools to better understand contribution impact. Participants can see how their savings today translate into monthly income during their retirement years.
- Expanded plan accessibility. With the ability to enroll, view, and change 401(k) options from any device, participants have greater plan access. Users can also easily switch the dashboard from English to Spanish with a click of a button.
- Opportunities to maximize retirement savings. Participants can make the most of their retirement savings potential with the ability to set automatic contribution increases, providing a convenient way to ensure their contributions maximize their employer match.
- Convenient investment management. Through a simplified investment review and selection process, investments can easily be monitored and adjusted by the participant as they see fit.
“In response to gaps in retirement readiness, Paychex is continually investing in tools to increase 401(k) participation,” said Paul Davidson, director of product management at Paychex. “Our new participant dashboard makes the process of enrolling in a 401(k) simpler than ever before, and as a result, we’re already seeing increased participation rates. The enhanced dashboard provides a unique combination of tools and resources that empower participants to begin the process of confidently preparing for retirement.”
In addition to the participant dashboard enhancements, Paychex also introduced a new feature for plan advisors. The new Plan Health Report, available in the Paychex advisor portal, makes it easy for advisors to measure plan effectiveness and deliver better retirement outcomes through the following:
- Tools to evaluate plan health. Using retirement readiness measures (including participation rate, contribution average, and account balance average), loan summary information, investment lineup, and plan design, advisors have access to an objective guide to help evaluate plan status.
- Benchmarking capabilities. Allowing advisors to compare metrics for plans of similar size and scope, the Plan Health Report provides unique assessment opportunities so advisors can easily adapt plans to accommodate changing dynamics.
The advisor community also sees the new Plan Health Report and participant dashboard as a valuable differentiator. “As an advisor with over 60 retirement plans to manage, the Paychex portal is the best I've seen in the industry. I look forward to sharing it with my clients,” said Robert Bove, wealth advisor and partner with Stratos Wealth Partners in Avon, Ohio.
To see a demonstration of the new participant dashboard and Plan Health Report, visit Paychex at booth no. 228 at the NAPA 401(k) Summit, taking place April 7-9 at Caesars Palace in Las Vegas. A video demo is also available here.
To learn more about Paychex Retirement Services, visit www.paychex.com/retirement-services. Financial advisors interested in partnering with Paychex should visit www.paychex.com/partnerships/financial-advisors.
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, benefits, human resources, 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.