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East Windsor, CT - June 21, 2022 –

COALITION PUBLISHES COMPREHENSIVE LIST OF DATA FIELDS IN RETIREMENT PLAN FEEDS
PREFERRED INDUSTRY PRACTICES FOR HCM / PAYROLL PLATFORMS

The Coalition for Payroll Excellence announced the release of a comprehensive list of 36 data fields that it recommends HCM / Payroll platforms include in retirement plan fields by default..

The VIEWPOINT titled “

RETIREMENT PLAN DATA FIELDS – PREFERRED INDUSTRY PRACTICES FOR HCM/PAYROLL SERVICE PLATFORMS” is posted HERE

These recommendations apply to all defined contribution retirement plans (401(k), 403(b), government 457, 401(a) money purchase and profit-sharing plans.

The VIEWPOINT report lists 5 categories of data to include:

  • Indispensable contribution fields
  • Compensation amount fields
  • Plan loan data
  • Indicative data
  • Automatic plan features data

This list builds upon prior VIEWPOINTS. The inclusion of personal email address and mobile phone numbers is to enhance the cybersecurity of participant data using two-step authentication. The addition of a date field for plans with an automatic deferral increase feature eases plan administration

TFollowing the preferred practices outlined in the VIEWPOINT will help HCM / Payroll platforms reduce the need for exception reports and ease the burden of data exchanges.

About the Coalition for Payroll Excellence

The mission of the Coalition is simple: to advocate for payroll administration excellence, to define payroll administration excellence and best practices and finally, to encourage employers and their HCM / Payroll platforms to adopt these best practices. Ultimately the intent of the Coalition is to sustain the dialogue between retirement plan service providers, HCM / payroll platforms, data interchange platforms, and payroll service providers. The Coalition for Payroll Excellence is a brand of EACH Enterprise, LLC.

For more information or to become a member, contact:

Eric Henon, President and Founder
Coalition for Payroll Excellence
Office: 860.254.5046  Cell: 860.221.4449
This email address is being protected from spambots. You need JavaScript enabled to view it.

Find out more: www.payrollexcellence.us

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