Tuesday, July 28, 2020

New Payroll Functionality Enhancements

Like many of us, you’re likely adapting to new ways of working and taking advantage of more flexible ways of doing business. You may be balancing new challenges along with normal day-to-day responsibilities, including plan administration tasks. Your time is valuable, and our goal is to make it as easy as possible for you to administer your retirement plan. In fact, we’ve seen a 40% increase in clients taking advantage of the Schedule Contribution Funding feature.

To ease your administrative burden, we’ve recently launched plan website functionality that allows you to view and update the bank account used to fund contributions via Automated Clearing House (ACH). This means you’ll no longer have to submit a form and will have the flexibility to make bank account changes in real time, if needed.

Additional enhancements include:
·     Ability to transition from mailing a check or sending a wire transfer to a touchless, automatic ACH process for submitting payroll
·     Ability for plans with multiple payroll sites to edit all sites at one time, when all sites share the same bank account information

These enhancements are part of our ongoing commitment to continually improve your plan website—and your experience.