PensionPro, an AmericanTCS firm, announced today it is partnering with Payroll Integrations to automate the collection of payroll and employee census data for third-party administrators (TPAs) through Payroll Integrations’ TPA Connect Platform.
“There’s no reason that TPAs should still manually be going from employers to providers to gather data, only to spend hours sifting through the data to ensure its accuracy.”
Doug Sabella, CEO of Payroll Integrations
TPAs can now integrate the TPA Connect Platform into their existing PensionPro workflows and connect with benefit sponsors to seamlessly access data for year-end testing.
TPAs typically rely on manual processes that require them to go back and forth with employers, payroll providers and 401(k) providers to gather data necessary for year-end testing. In addition, TPAs must conduct a labor-intensive line-by-line review to ensure data matches and is correct.
PensionPro and Payroll Integrations now automate this process by bringing Payroll Integrations’ TPA Connect Platform directly into the workflows of TPAs that collectively support more than 230,000 plans with PensionPro. With pre-built integrations into the largest and most widely used payroll companies and benefits providers in the U.S., TPAs can seamlessly connect with the providers they work with to access payroll and employee census data. This eliminates manual administrative hassles for TPAs and ensures data accuracy.
“TPAs are required to ensure the data they collect on retirement plan participants is accurate, and much of the industry is collecting this information manually, which not only takes time but introduces the possibility of data-entry errors,” said Darren Conner, PensionPro’s Chief Operating Officer. “Together with Payroll Integrations, we’re making accurate census collection effortless, eliminating a pain point often felt by plan sponsors and retirement plan administrators.”
San Diego-based Payroll Integrations is a technology company that connects payroll data from more than 4,000 business with retirement, HSA and other employer-sponsored benefits plans. It is backed by Arthur Ventures. Payroll providers including ADP, Paychex, Quickbooks Online and others use Payroll Integrations to seamlessly connect with 401k benefit providers such as Empower, Transamerica, Principal, VOYA and John Hancock.
“There’s no reason that TPAs should still manually be going from employers to providers to gather data, only to spend hours sifting through the data to ensure its accuracy–there are other, higher-level tasks that they can be focused on instead,” said Doug Sabella, CEO of Payroll Integrations. “We’re looking forward to working with PensionPro to expand our TPA Connect Platform to help even more TPAs streamline their year-end testing.”
SEE ALSO:
• Corporate Roundup: PensionBee Expands to U.S., JULY Acquires TPA
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.