Paychex, Inc., one of the nation’s leading providers in 401(k) recordkeeping services, announced that its enhanced Retirement Services Participant Portal was recognized as a winner in the 2020 BIG Innovation Awards presented by the Business Intelligence Group.
The participant portal is designed to simplify the complex process of enrolling in and managing a 401(k) plan. With a focus on intuitive design, participants can immediately enroll in a plan from any device – phone, tablet, or desktop – in as few as four clicks and can make the most of their retirement savings potential though a series of enhanced features.
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“We’re incredibly proud to be recognized by the Business Intelligence Group for our work in helping to alleviate one of the biggest barriers to establishing and administering a 401(k) plan: complexity,” said Paul Davidson, director of product management at Paychex. “The retirement crisis has long impacted American employers and employees, but with the recent passage of the SECURE Act – the most significant retirement savings legislation in the past 15 years – coupled with our easy-to-use technology, there has never been a better time to begin the process of confidently preparing for retirement.”
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 current pay and rate of 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.
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“Innovation has become a major theme for organizations across virtually all industries, and this year’s winners are a testament to the creativity, passion and perseverance of individuals worldwide,” said Maria Jimenez, chief operating officer of the Business Intelligence Group. “We are thrilled to be honoring Paychex as they are leading by example and making real progress on improving the daily lives of so many.”
Organizations from across the globe submitted their recent innovations for consideration in the BIG Innovation Awards. Nominations were then judged by a select group of business leaders and executives who volunteer their time and expertise to score submissions.
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