Human Interest today announced a new product intended to ease the process of annual 401(k) plan audits.
The 401(k)-provider unveiled its “Audit Relief” solution, set to “unify data collection” into a single package for plan auditors.
Employers with over 100 participants are required by law to audit their 401(k) plans annually to ensure compliance requirements—a process that can cost plan sponsors within $10,000 to $15,000 every year and take between 40 to 80 hours or more to retrieve data, Human Interest notes. Further, plan audits can only review a small sample of larger plan transactions, whereas Human Interest’s product merges 20 data sources into one package.
“Annual plan audits have been a source of dread for business owners for decades… Audit Relief was designed in partnership with leading auditors to identify and automate over 15 manual processes typically needed to perform a 401(k) large plan audit,” said Rakesh Mahajan, chief revenue officer at Human Interest, in a statement.
Customers who utilize the solution will receive a credit for the value of their standard plan audit and can select from a network of 401(k) auditors presented in the Human Interest dashboard. The provider promises a “100% transaction validation” compared to traditional 0.5% sampling rates.
“Audit Relief” will be available to auditors and plan sponsors beginning in plan year 2026.
The solution comes just a month after Human Interest doubled down on its promise to provide exemplary customer service initiatives. Under the terms of the guarantee, failure to meet the standards for customers entitles clients to a 50% credit toward their next invoice. Participants also receive a $25 gift card for missed benchmarks.
Founded in 2015 and headquartered in San Francisco, Human Interest provides retirement benefits to employees at over 35,000 companies and counting.
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