Paychex Surpasses 120,000 401(k) Clients
23 Juillet 2024 - 3:00PM
Business Wire
The retirement leader’s Paychex Pooled Employer
Plan also reaches 34,000 employers
Paychex, Inc., a leading provider of integrated human capital
management software solutions for human resources, employee
benefits, insurance services, and payroll, has surpassed a
milestone for the number of 401(k) clients served, now
administering plans for over 120,000 employers as of May 31, 2024,
the company’s fiscal year end. The industry leader in 401(k) plan
recordkeeping in the U.S.1, Paychex has also surpassed $51 billion
in assets under administration.
The Paychex Pooled Employer Plan, launched in 2021 to give
business owners an affordable way to provide their employees with a
retirement plan with fewer fiduciary and administrative burdens,
has fueled growth of the company’s 401(k) offerings and has been
adopted by 34,000 employers with more than $1 billion in plan
assets.
“In the midst of a retirement savings crisis in America, we
believe it is our purpose to help small- and mid-sized business
owners offer an affordable retirement solution for their employees.
Paychex enables 1.5 million Americans to save for their future;
however, research shows approximately half of U.S. employers
currently offer a retirement plan. We are committed to providing
affordable solutions to these companies that will help them offer
their employees the opportunity for a secure retirement,” said John
Gibson, Paychex president and CEO.
“Legislation like the SECURE Act and SECURE Act 2.0, the
introduction of pooled employer plans, and state mandates are
helping, but there is more to be done,” Gibson added. “We are
committed to educating business owners and industry professionals
on available programs, potential tax benefits, and cost-effective
plans available for them and their employees. We continue to
provide robust retirement products and services, financial advisor
and accountant partnership programs, and advocacy in the nation’s
capitol, because we acknowledge every American’s right to feel
secure in their retirement.”
Paychex 401(k) customers and participants have access to:
- Full integration with Paychex Flex®. Users can integrate
their 401(k) plans with the company’s SaaS-based HR suite, Paychex
Flex, which supports HR, payroll, insurance, and other services, to
reduce administrative time and cost, improve reporting, and help
meet fiduciary obligations.
- Pooled Employer Plan option. The Paychex Pooled Employer
401(k) Plan (PEP) gives business owners a simpler, cost-effective
way to offer comprehensive retirement benefits to employees.
Paychex acts as both plan sponsor and plan administrator of the
PEP, reducing employers’ fiduciary and administrative burdens. The
PEP is especially well-suited for small to mid-sized businesses
that may have been unable to offer a retirement plan due to the
lack of affordable plan options, time, or resources needed to
manage complex plan administration. PEPs also offer a feature-rich
alternative to the growing number of state-mandated retirement plan
programs and can be a beneficial option for employers with an
existing plan looking to reduce fiduciary and administrative
responsibilities.
- Accessible investment management and self-service tools.
Paychex solutions allow participants to take control of their
experiences. The company's mobile-first technology lets users
enroll in, view, and manage their retirement plans in just a few
clicks on any device. Other tools—like savings calculators and
automatic contribution increases—help participants maximize their
retirement savings, and personalized investment advice from
third-party experts helps them make more informed decisions for
their futures.
- Fee transparency. Paychex plans make visibility a top
priority. Participants and employers get clear explanations of any
fees they pay related to the account. With a return of concessions
feature, most 401(k) plans with Paychex return revenue-sharing
payments to the plan, ensuring fee equalization, share class
neutrality, and fee transparency.
- Investment flexibility and fiduciary solutions. Plan
administrators of single-employer plans receiving services from
Paychex can choose from thousands of plan investment choices, with
no proprietary requirements, or get help managing plan investments
from either a third-party 3(38) investment manager that selects
plan investments or 3(21) investment advisor that advises on plan
investments to help reduce fiduciary risk.
“Our growth in the 401(k) space has meant that more employees
across the U.S. are now able to save for their retirement, and the
more than 120,000 employers who have adopted these plans have a
critical benefit offering that will help attract and retain talent
in today’s challenging labor market,” added Gibson.
Learn more about Paychex 401(k) and Retirement Services here.
Financial services professionals seeking to offer flexible
retirement plans to their clients can learn more at Financial
Advisor Partnerships with Paychex.
About Paychex
Paychex, Inc. (Nasdaq: PAYX) is an industry-leading HCM company
delivering a full suite of technology and advisory services in
human resources, employee benefit solutions, insurance, and
payroll. The company serves over 745,000 customers in the U.S. and
Europe and pays one out of every 12 American private sector
employees. The more than 16,000 people at Paychex are committed to
helping businesses succeed and building thriving communities where
they work and live. Visit paychex.com to learn more.
1 By 401(k) participating employer count as validated by
publicly available information for calendar year 2023.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240723387010/en/
Media Contacts Samantha Jean Public Relations Program
Manager II Paychex, Inc. (585) 218-6086 skjean@paychex.com
@Paychex
Paychex (NASDAQ:PAYX)
Graphique Historique de l'Action
De Août 2024 à Sept 2024
Paychex (NASDAQ:PAYX)
Graphique Historique de l'Action
De Sept 2023 à Sept 2024