Steidle Pension Solutions LLC, a third-party administrator (TPA) for 401(k), 403(b) and defined benefit (DB) plans in the small to midsize plan market, announced the launch of its Payroll Integration Service for 401(k) and 403(b) plans.
Payroll Integration saves plan sponsors time by eliminating the need to log on to financial institutions’ websites or to print hard checks to remit retirement plan contributions every payroll period. The 401(k) or 403(b) contributions are transmitted directly to the recordkeeping custodian on behalf of the employer.
Use of the SPS Payroll Integration Service will also reduce the burden of plan sponsors’ internal tasks related to the annual administration of 401(k) plans, as yearly census data can be gathered directly from the payroll provider.
“The introduction of our SPS Payroll Integration Service allows employers to affordably outsource tasks performed in-house associated with the remittance of 401(k) and 403(b) contributions. Our goal is to help employers focus less on administrative burdens and more on growing their businesses,” says Keith Steidle, the firm’s managing director.
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