Employer-based retirement savings, also known as a 401(k) plan, is an essential savings tool for many healthcare workers. It’s also an attractive job perk that helps you find and keep talented staff.
But there are many steps to 401(k) calculations and reporting. Your payroll team may have to take data from your payroll system and manually enter or upload it into the plan record system. The potential for costly mistakes is high. However, syncing payroll data with 401(k) software transforms your process, creating easier plan management.
Empeon and 401(k) data
Managing a 401(k) plan is a ton of work for payroll and HR teams, which means you need a faster and more scalable way to process your data. That’s why Empeon partnered with a data connection tool that syncs payroll with 110 different 401(k) providers, including:
- John Hancock
- Fidelity
- Human Interest
- Principal
- Vestwell
- Transamerica
The integration automatically:
- Calculates employee and company match
- Collects and sends yearly census information
- Reports all new employee demographics
- Reports employee data changes to the plan
- Calculates and reports deferrals
Benefits of integrating 401(k) software with Empeon
Offering a 401(k) plan comes with a lot of responsibilities. The Empeon 401(k) integration helps reduce some of your risks and simplifies the process with automated reporting, fewer errors, time savings, and access to a wide selection of investment providers.
Automated contribution reporting
The 401(k) partnership instantly collects and updates necessary data with recordkeepers, creating a hands-off workflow for easier administration. You set the information, and the platform auto-updates new plan members, contributions, and deposits. The integration automatically facilitates movement of data between Empeon and 401(k) companies.
Scores of 401(k) provider options
This new integration simplifies communication with over 110 investment companies, making instant connection easier. If you already have your plan in place with the company, you can easily send your payroll data in one place with robust security and less headache.
Fewer errors
Automatic data exchange helps reduce errors by removing the manual back and forth between your Empeon data and plan providers. It takes the data already existing within your system and transmits it, eliminating the need to re-enter information.
Plus, the integration auto-updates employee changes to payments, so you have fewer mistakes. With 401(k) software in your system, you can spend less time correcting data and deferral discrepancies.
Saves time
The integration is easy to use and streamlines your contribution process. Most payroll teams have to manually upload or enter data, and the workload increases every time an employee wants to change or defer the contribution.
With automatic data transfer, fewer errors, and connections with a wide selection of providers, your team becomes more efficient. Payroll and benefits admin teams can offload time-consuming tasks to smart tools, creating more time and space to focus on your healthcare workers.
Connecting the dots with Empeon solutions and integrations
Empeon is an intuitive all-in-one healthcare payroll and HR platform that simplifies your workflow. Purposeful partnerships and connections with firms like John Hancock or Fidelity help you build deeper links between your data, your people, and your organization. Discover how Empeon can streamline your payroll and 401(k) plans. Get in touch.
