Keeping Up With SECURE 2.0: The Benefits of Retirement Plan Integration
Part of a series | SECURE 2.0 Act Insights
A retirement plan is good for everyone but managing separate payroll and 401(k) vendors can add time-consuming manual processes for plan sponsors, raising the likelihood of errors. When your payroll and retirement plan are integrated with a trusted provider, even complex SECURE 2.0 Act implementation can be worry-free.
The SECURE 2.0 Act continues to make retirement plans more widely available, flexible and inclusive. And it's easier than ever for employers to offer a plan to help workers grow their savings for the years ahead.
The challenge? The legislation contains 90 provisions ranging in complexity, with a multi-year implementation that may significantly impact payroll and retirement plan administration. This can quickly turn the benefit into an implementation and potential compliance burden for plan sponsors.
To take advantage of all SECURE 2.0 has to offer — and comply with the requirements and deadlines as they roll out— the power of integration can proactively manage complexity and execute your plan flawlessly.
What's more important than plan integration?
Managing separate payroll and 401(k) vendors can add time-consuming manual processes and result in errors that cost time, money and resources. That's why integration is critical to simplifying plan administration, keeping your data secure and delivering best-in-class employee engagement.
As SECURE 2.0 provisions drive plan amendments and impact payroll deductions and coding, a trusted provider can help save you time and reduce compliance risk.
Not all integration is the same
The SMARTSync solution connects ADP's retirement and payroll platforms to enable real-time data transmission and verification against the retirement plan document and automatically performs calculations.
Because data is shared continuously between ADP's platforms, employee records are always accurate and updated. You can count on:
- Verification of payroll data against the plan document — reducing manual oversight and mitigating risk
- 360° integration that protects your data, outperforms third-party payroll integrators and avoids external file feeds
- One ecosystem for all your data, significantly decreasing the chances that security will be compromised
It's not simply transferring data from one provider to another. When your payroll and retirement plan are with ADP, you can be confident that the important details are securely handled.
Let's talk about retirement plan integration
To learn more about the benefits of ADP's SMARTSync technology, connect with an ADP retirement specialist by calling 1-800-432-401K or visiting adp.com/401k.
ADP, Inc., and its affiliates do not offer investment, tax, or legal advice to individuals. Nothing contained in this article is intended to be, nor should be construed as, particularized advice or a recommendation or suggestion that you take or not take a particular action. Questions about how laws, regulations, guidance, your plan's provisions, or services available to participants may apply to you should be directed to your plan administrator or legal, tax or financial advisor. ADPRS-20231024-5090