ADP Retirement Services Launches Simplified 5500 Compliance Reporting Process
HCM leader launches phase two of its Compliance Experience Platform, designed to streamline challenging processes for plan sponsors
As both large and small business owners across the country continue to face the challenges presented by the global pandemic, many are beginning to realize that they lack either the time or resources to focus on Human Resources and benefits-related administrative tasks. As businesses continue to think about the economy as a whole, the need to reassess, recommit to and rebuild financial wellness is more crucial than ever. Through new solutions and trustworthy information, ADP, a leading global technology company providing human capital management (HCM) solutions, is dedicated to helping businesses and individuals navigate compliance amid a rapidly changing landscape—which includes reevaluating benefits needs and rebuilding workers’ financial well-being.
HR Technology News: How Will CCPA Impact HR Data?
As part of the company’s proactive support, ADP Retirement Services is introducing Simplified 5500 Compliance Reporting Process, the second phase of its enhanced Compliance Dashboard, developed to streamline cumbersome reporting requirements.
Building upon its initial launch in January, ADP has expanded the dashboard functionality by introducing an improved Form 5500 filing process, which includes pre-populating plan data and company information as well as delivering a guided, online filing experience to save businesses time and help reduce potential errors.
“Recognizing that retirement plan compliance can be technical, frustrating and time-consuming for plan administrators, we aimed to create something that is easy and inutitive,” said Kristin Andreski, senior vice president and general manager of ADP Retirement Services. “We specifically added these enhancements to the Compliance Platform to provide businesses the tools they need to reduce time spent on administrative tasks so they can focus on managing their business not their retirement plan.”
In the second phase of this rollout, ADP clients can now access an intuitive dashboard that simplifies the work associated with Form 5500 filing by:
- Reviewing and updating business and plan data
- Reviewing financial summary and participant detail
- Receiving notifications of a filing error and/or successful submission
- Accessing useful guides and other helpful resources
“Now more than ever, workplace benefits are critical to protecting workers from new threats while providing financial security,” Andreski added. “As a company that strives to improve client interactions, we’ve enriched our platform in ways that allow users to seamlessly create retirement plans that help workers save for a better tomorrow.”
HR Technology News: SAP® Training and Adoption Enhances Digital Learning to Foster People and Business Success
Simplified 5500 Compliance Platform marks the second major compliance component available from ADP this year. With businesses and employees facing unprecedented challenges as a result of COVID-19, ADP has vigorously developed technology and plan solutions that streamline administration for business owners and cut through clutter for employees by delivering personalized, guided experiences to help simplify saving for retirement. We are committed to transforming the retirement experience through innovation and ongoing technology investments that help guide businesses and employees toward sound retirement planning decisions. Through the new rollout of offerings, ADP is a helping hand for business and individuals to reassess benefits needs and recommit to helping workers rebuild their financial well-being—for today and tomorrow.