Also Recognized as the Largest Recordkeeper by Total Plans with Less Than $10 Million in Assets
Paychex, Inc., one of the foremost providers of 401(k) recordkeeping services in the US, has earned the distinction of being the retirement industry’s leader in a total number of defined contribution plans. Above all, Paychex has earned the title for the ninth year in a row! It served 84,000 plans, more than any other provider in the retirement industry. PLANSPONSOR magazine, a national publication committed to the pension and retirement industry, announced the rankings. It was a part of the publication’s annual 401(k) Recordkeeping Survey.
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Paychex is a leading provider of integrated human capital management (HCM) solutions. It offers a full suite of retirement services intended to meet the needs of companies of all sizes. As a consequence, it is the preferred payroll, HR, and retirement services provider for the American Institute of Certified Public Accountants (AICPA) Trusted Business Advisor Program.
Not only did Paychex earn successive accolades for having the most number of plans, but it also was adjudged the leading provider by the total number of plans added in 2018. It had added 16,425 new plans in the year. Also, Paychex came out as the largest recordkeeper by total plans with less than $10 million in assets.
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A Long History of Providing Simple Recordkeeping Services to Remove the Complexity of Saving for Retirement
Ron LeBlanc, VP of finance and partner of TLF Graphics, an industrial and retail printing company, told that prior to Paychex, they were spending a lot of our time doing the administrative part. Paychex helped lessen the administrative weight. As a result, his business was able to stand out in the tight labor market. He noted that as a recruitment tool, 401(k) was an integral part of their offerings, and solutions from Paychex had perfectly met their business requirements.
Paul Davidson, director of product management at Paychex expressed pride at the achievement. “At Paychex, we have a long history of providing simple solutions that help remove the complexity of saving for retirement. Our innovative technology solutions and the support of our expert service professionals empower business owners, as well as their employees, to confidently prepare for retirement,” he quoted. Furthermore, Paul added that Paychex will continue to serve more 401(k) plans than any other provider in the retirement industry.
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