Through this program, employers will work with local third party administrators (TPAs) for customized plan design, compliance testing and consulting services, the company said in a news release. TPASelect combines ADP’s recordkeeping, payroll integration, and sponsor/participant support with local TPA services.
Employers will have the option of continuing to work with their existing TPA or selecting one from ADP’s national network of Select TPA partners. Currently, the ADP Select TPA Network includes more than 40 such individuals.
Under the TPASelect program, the recordkeeping platform is electronically linked to ADP’s payroll platform, enabling the TPA to download census data that is needed to reconcile payroll and plan information, according to the news release. Employers who do not use ADP for payroll processing are provided a Web-based tool for easy entry of employee and contribution data.
In addition to partnering with the TPA community, ADP has entered into business relationships with investment providers to help employers and employees create an optimal retirement portfolio, the announcement said.
Clients also gain access to a team of implementation specialists that help educate employees about their plan. Participants are offered planning tools designed to help them optimize their retirement savings, including automatic account rebalancing and Save Smart, which automates employee-elected increases to their 401(k) payroll deductions on a specified date each year.
For more information, call 1-800-432-4015 extension 362 or go to www.adp401k.com .
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