According to a news release, small businesses can use the joint product to implement a 401(k) plan that eliminates repetitive tasks each pay period.
Traditional time-consuming tasks are performed in an efficient manner using these procedures, the press release said:
- Payroll files are sent by the client’s payroll provider to The Online 401(k)
- Census files are sent by the client’s payroll provider to The Online 401(k)
- 401(k) funds are sent directly by their payroll provider via ACH
The companies said that customers can establish their 401(k) plan with a streamlined plan adoption process. Once it is set up, employees access 401(k) and investment education, select their investments and manage their individual 401(k) accounts online.
“Payroll and 401(k) really go hand in hand. Having both of these key functions integrated is a great proposition for small businesses who need convenience and flexibility,” said Chad Parks, president & CEO of The Online 401(k), in the press release.