Solution Will Make 401(k) Administration Easier for Small Businesses

AccountantsWorld says its new offering in partnership with national retirement plan providers will help more small businesses offer retirement plans to their employees.

AccountantsWorld announced its latest offering, Payroll Relief Retirement Solution (PRRS), in partnership Transamerica Retirement Solutions and TAG Resources (TAG), who will be the servicers of the PRRS.

The PRRS will fully integrate with AccountantsWorld’s payroll offering, Payroll Relief, and offer the following benefits to employers:

  • Ease of Administration: PRRS will perform virtually all administrative tasks required by a company to offer a 401(k), removing this burden from company employees and executives.
  • Consistent Compliance: By working with TAG, PRRS 401(k) plans are consistently in compliance with Department of Labor (DOL) and Internal Revenue Service (IRS) regulations. Plans audited by the DOL typically experience a 75% fail rate, but no TAG-administered plan that has followed TAGs directives has ever failed a DOL audit, the announcement contends.
  • Fiduciary Liability Protection: The PRRS plan provides employers with the comfort of knowing that their 401(k) is protected to the highest level allowed by law.
  • Low Cost: Because the PRRS is an “aggregated” model—meaning a large number of plans are aggregated together—pricing of the plan is on par or lower than other offerings that provide only some or none of the same benefits.

“The compliance requirements for offering 401(k) are complex, and that burden prevents many small businesses from offering 401(k) to their employees. We were looking for a way to mitigate that responsibility for the small business clients our Payroll Relief users serve,” says Chandra Bhansali, co-founder and CEO of AccountantsWorld. “After a lengthy and extensive due diligence process, we chose to partner with TAG and Transamerica because of their exemplary service and commitment to offering best-in-class retirement solutions.”