Your retirement plan relies on accurate payroll data, of course, but, it’s not so uncommon to see errors in these files. It’s easy to understand why mistakes happen but fixing them can be costly since they can generate administrative fees, potential regulatory penalties and costs to make participants whole in their accounts. And In some cases, they can even trigger Department of Labor audits.
Fiduciary Outsourcing’s payroll integration service creates peace of mind by approving ACH transactions and updating your payroll system for retirement plan deferrals and loan repayment changes. Many employers appreciate the convenience and comfort of handing off this routine, but important, task to a fiduciary partner like us who gets it done right every payroll period and makes sure everything stays in sync.
Gather data on who made deferral changes
Gather information for the recordkeeper to determine eligibility for employees to be automatically enrolled, etc.
Enter the required information into your payroll system before you process payroll for the pay period
After payroll is processed, we download contribution and census information and upload it to your plan’s recordkeeper
You’ll save your staff’s time in performing these tasks every period
FO takes fiduciary responsibility for ensuring changes are made correctly
FO takes fiduciary responsibility for the timely transmission of 401(k) deferrals and loan repayments
FO maintains a fidelity bond for the plan so you may elect to discontinue your own fidelity bond coverage. This may partially offset the cost of service.
Depending on available payroll system integration, each payroll period we will transmit payroll files, approve ACH transactions and make deferral and loan repayment changes.
When ACH Approval is one of our services, Fiduciary Outsourcing will maintain a fidelity bond for the client at NO additional cost. The fidelity bond is auto increasing and provides the minimum coverage required by the Department of Labor.
Talk to us about your plan
As an ERISA 3(16) Plan Administrator, Fiduciary Outsourcing is here to reduce the administrative effort, resource burden and risk of liability of your retirement plan. We implement customized outsourcing options to fit your needs so that you can rest easy knowing your plan is compliant with rules and regulations.