Paychex Ranks as Largest Provider of 401(k) Recordkeeping Plans for 10th Consecutive Year
For the tenth consecutive year, Paychex, one of the nation’s leading providers in 401(k) recordkeeping services, has earned the distinction of being the retirement industry’s leader in total number of 401(k) plans, serving more than 90,000 plans. The ranking was announced as part of the annual Recordkeeping Survey published by PLANSPONSOR magazine, a national publication dedicated to the pension and retirement industry.
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In addition to earning consecutive recognitions as the largest 401(k) recordkeeper by number of plans, Paychex earned the distinction of being the leading provider by number of plans added in 2019, with 17,693 new plans. Paychex was also recognized as largest recordkeeper by total plans with less than $10 million in assets.
“At Paychex, we have a longstanding commitment to leveraging innovative technology solutions like Paychex Flex® and best-in-class service to simplify the often-complex task of saving for retirement. As the COVID-19 pandemic continues to cause uncertainty for many U.S. businesses and workers, that commitment remains steadfast,” said Paul Davidson, director of product management at Paychex. “Paychex is acutely aware of how the COVID-19 pandemic and subsequent regulatory changes have impacted how plan sponsors and participants approach their 401(k)s, and we are working diligently to help our clients and advisor partners navigate these changes. We are proud to continue to empower business owners and help employees confidently save for a dignified retirement during this unprecedented time.”
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Solutions from Paychex Retirement Services meet the needs of businesses of all sizes by delivering:
- Next-level efficiency with full Paychex integration – The ability to integrate retirement into the full suite of solutions from Paychex, including payroll, human resource services, insurance and more, through Paychex Flex® can help plan sponsors reduce administrative time and cost, improve reporting, and meet fiduciary obligations.
- Expanded participant accessibility and convenient investment management – With the ability to enroll in a plan in as few as four clicks, view, and change 401(k) options from any device, participants have greater plan access. Participants can also maximize the potential of their retirement savings through a host of tools, including savings calculators, automatic contribution increases, and more. Additionally, participants have access to personalized investment advice from third party experts.
- Fee transparency – Plan sponsors and participants benefit from a clear picture of the fees they pay. With a return of revenue feature, any revenue-sharing payments are returned to the participant accounts from which they were generated, ensuring fee equalization, share class neutrality, and fee transparency.
- Plan accessibility across devices – Plan sponsors can view and manage every aspect of their plan from a desktop or mobile device, including employee data, plan administration, documents and reports, plan tips, tools, and more.
- Investment flexibility and fiduciary solutions – Plan sponsors can match investment objectives with a diverse range of risk and return profiles, with no proprietary requirements. Paychex provides plan sponsors solutions to select from thousands of investment choices, makes it simple with fixed menu options, or access to help managing investments from third party 3(38) and 3(21) investment services experts.
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