Adding a payroll integrated retirement service to your offerings will help you stay competitive. Employers are looking for ways to streamline their benefit and payroll processes, and this service allows them to focus on the things that matters most—their business.
Additionally, this is an inclusive service that welcomes your existing referral networks, such as Financial Advisors and CPAs.
- You focus on payroll.
- PAi will focus on retirement.
- Together we can provide an optimal service for the client.
Hover over each icon for more details.
What does integration look like?
PAi offers both 360 and 180 degree integration models. We will work together to develop the integration level that works best for you and your clients.
In the 360 degree payroll integration model, the data exchange is full circle from the payroll provider to PAi and then back to the payroll provider.
Once the employer uploads their employee census data, they have very minimal involvement after that. If an employee updates a deferral amount or decides they want to take a loan, PAi will send that information directly to the payroll provider to get updated.
In the 180 degree payroll integration model, the data only flows one way from the payroll provider to PAi.
The employer can upload their employee census data into the system making the contribution process automated. However, if an employee makes any changes, the employer or payroll provider will have to manually make updates on behalf of the employee.
*Specific details of a functioning integration are dependent on the partner relationship.
Benefits of integrating 401(k) with payroll for your clients:
- Saves time and money by eliminating the need to manually enter data twice, so they'll have more time to focus on their business.
- Reduces errors by automating the transmission of contributions and collection of required data.
- Minimizes administrative tasks because PAi makes it easy to track eligibility, enrollment, and loans for the employee. Any changes made by the employee will automatically be sent to the payroll provider.
- Provides timely investment of employee 401(k) contributions because PAi can quickly and easily make the necessary retirement plan deductions. Non-integrated plans may run into IRS compliance issues with getting contributions in on time due to the lack of convenience.