Betterment at Work is partnering with HR provider OnPay to streamline payroll and retirement benefits.
The integration especially targets small business plans—41% who say they currently do not offer a retirement benefit due to its long process and time requirements, according to OnPay research.
“Many small businesses want to offer their employees access to a 401(k) plan, but often worry that the plan administration will be time-consuming,” said Patrick Beahm, vice president of Product at OnPay. “Our integration with Betterment at Work makes it easier for business owners to keep payroll and retirement data in sync across their systems. By automating payroll data flows, employers can spend less time on administrative work and more time running their businesses.”
Businesses who incorporate the platform will be able to establish a 401(k) plan and connect it to OnPay’s platform. One of the platform’s features is its 360-degree integration, which allows for headcount updates and contribution data to move freely between systems, thereby reducing manual entries for plan sponsors.
The integration also automatically creates Betterment at Work 401(k) accounts for new hires and manages offboarding when employees leave the company.
Contribution data, including information on employee deferrals, employer matches, and loan repayments will automatically sync between platforms, and employees will have access to support resources from both OnPay and Betterment at Work.
“We are excited to partner with OnPay,” said Thomas Moore, senior director of B2B Partnerships at Betterment. “By combining our modern, scalable 401(k) solutions with OnPay’s powerful payroll technology, growing businesses can offer employees a valuable retirement benefit, strengthen their hiring and retention efforts, and support long-term financial wellness.”
OnPay streamlines payroll, human resources, and benefits into one platform. Betterment at Work, a subsidiary of Betterment, offer 401(k) plans to growing businesses. Betterment currently manages more than $65 billion in assets.