East Granby, CT - May 19, 2020 –
COALITION FOR PAYROLL EXCELLENCE PUBLISHES LIST OF STANDARD DATA POINTS IN RETURN PAYROLL 360 FILES
The Coalition for Payroll Excellence is pleased to announce the release of the report HCM SUITES DELIVER ENHANCED CLIENT SERVICE, the third in a series of bulletins on how HCM / Payroll platforms can benefit from delivering superior client service. This bulletin addresses the data points that employers and payroll service providers want to receive from 401(k) service providers every pay period via what is known as Payroll 360 service.
HCM SUITES DELIVER ENHANCED CLIENT SERVICE is posted HERE.
Saving for retirement should be easy, affordable and convenient to all small businesses. Payroll Integration is one of many resources we offered to our sponsors to help administer their 401k plan. Sponsors reduce redundant manual data entry in their payroll system and 401(k) system when they enroll in payroll integration services. Payroll Integration can be upgraded to 360 services when the sponsor elects to have their employee deferral elections and loan repayments sent from their 401k system to their payroll provider. Saving sponsors time and reducing their risk of human error,. says Melissa Srica, Ubiquity retirement + savings, Manager of Payroll Processing.
The bulletin lists 14 data elements that 401(k) service providers customarily include in Payroll 360 return files to streamline and expedite payroll administration for employers and payroll processors. These fields range from employer ID and Social Security Number to plan elections, deferrals, and specifics on participant loans. For employers whose plan design deviates from safe-harbor norms, a custom return file template may be required.
The bulletin also discusses the need for contractual agreements between payroll service provider and 401(k) and payroll platform regarding the exchange of data, a normal part of doing business in this highly regulated sector.
Lastly, the bulletin describes the current preferred methods of data exchange, and the frequency with which return files are provided. Emphasis is on data consistency – particularly when the plan service provider is retained to provide ERISA 3(16) fiduciary service. Return files submitted to payroll processors are therefore normally provided in final, non-editable form
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 payroll providers to adopt those best practices. Ultimately, the intent of the Coalition is to sustain the dialogue between retirement plan service providers, payroll service providers and payroll administration software firms. 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: 860.653.1705 Cell: 860.221.4449