Paychex, Inc., a leading provider of integrated human capital management solutions, has achieved a significant milestone by surpassing 120,000 401(k) clients and $51 billion in assets under administration as of May 31, 2024. This accomplishment underscores Paychex’s leadership in 401(k) plan recordkeeping and its commitment to providing accessible retirement solutions to businesses across the U.S.
- Milestone Achievement:
- Number of Clients: Over 120,000 employers.
- Assets Under Administration: Exceeds $51 billion.
- Pooled Employer Plan (PEP): Launched in 2021, adopted by 34,000 employers with over $1 billion in assets.
- Statements from Leadership:
- John Gibson, President and CEO:
- Emphasizes Paychex’s role in addressing the retirement savings crisis and its commitment to offering affordable solutions to small- and mid-sized businesses.
- John Gibson, President and CEO:
- Enhanced Retirement Solutions:
- Integration with Paychex Flex®: Seamless integration with HR, payroll, insurance, and other services.
- Pooled Employer Plan Option: Simplifies retirement benefits for small to mid-sized businesses, reducing fiduciary and administrative burdens.
- Investment Management: Accessible tools and personalized advice for participants, mobile-first technology for easy plan management.
- Fee Transparency: Clear explanations of fees and return of concessions to ensure fee equalization.
- Investment Flexibility: Thousands of investment choices with optional fiduciary management services.
Paychex’s recent milestones reflect its dedication to enhancing retirement savings opportunities for American workers and providing robust, accessible 401(k) solutions for employers. The company’s growth in the 401(k) space demonstrates its pivotal role in helping businesses offer competitive retirement benefits and attract top talent in a challenging labor market.
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