Payroll Integrations, a technology company focused on automating employee financial well-being benefits, has announced its work with U.S. employers to streamline compliance with the SECURE 2.0 Act. With the Act’s significant changes to retirement plans set to take effect in January 2025, Payroll Integrations’ platform offers a solution to automate compliance, including the auto-enrollment of employees in retirement plans.
Key Features of Payroll Integrations’ Solution
1. SECURE 2.0 Act Compliance Made Easy
- Auto-Enrollment: Employers can automatically enroll employees in retirement plans, ensuring compliance with SECURE 2.0, which mandates automatic enrollment at a minimum of 3% of salary.
- Retirement Contributions: The platform automates the contribution process, eliminating manual entries and ensuring accurate, up-to-date data.
- Eligibility Checks: Payroll Integrations allows employers to run automated eligibility checks for retirement plans based on new SECURE 2.0 requirements, including part-time worker eligibility and age-related adjustments.
2. Seamless Integration with Payroll Systems
- Pre-Built Integrations: Payroll Integrations works with major payroll providers such as ADP, QuickBooks Online, Paychex, Empower, and Transamerica, ensuring smooth and efficient data transfer between payroll systems and retirement plan providers.
3. Administrative Ease for Employers
- Automation: The platform automates time-consuming tasks, reducing the administrative burden on HR teams while ensuring compliance with SECURE 2.0 and emerging regulations.
- Data Accuracy: Automatic data transfers from payroll systems to retirement providers reduce the risk of errors and speed up the compliance process.
Why SECURE 2.0 Matters
The SECURE 2.0 Act aims to improve employee financial security by expanding retirement benefits and enhancing flexibility in managing retirement accounts. However, the new requirements introduce additional administrative tasks for employers, especially in areas like auto-enrollment and retirement eligibility checks. Payroll Integrations simplifies these tasks, allowing companies to focus on supporting their employees’ financial well-being.
CEO Statement
Doug Sabella, CEO of Payroll Integrations, emphasized the importance of SECURE 2.0 in improving workers’ retirement savings amid rising living costs and student loan burdens. He said, “We’re making it easy for employers to comply with SECURE 2.0 requirements and focus on improving employees’ financial wellness.”
Payroll Integrations offers a comprehensive solution to help employers meet the upcoming SECURE 2.0 requirements. Through seamless payroll and retirement plan integrations, the platform automates key processes such as auto-enrollment, eligibility checks, and contributions, ensuring compliance while alleviating the administrative burden for HR teams.
