Business
ADP Retirement Services Launches Simplified 5500 Compliance Reporting Process
HCM leader launches phase two of its Compliance Experience Platform, designed to streamline challenging processes for plan sponsors ROSELAND, N.J., July 15,
About this update from Automatic Data Processing, Inc.
[{"type":"text","content":"HCM leader launches phase two of its Compliance Experience Platform, designed to streamline challenging processes for plan sponsors\n\n\nROSELAND, N.J., July 15, 2020 /PRNewswire/ -- As both large and small business owners across the country continue to face the challenges presented by the global pandemic, many are beginning to realize that they lack either the time or resources to focus on Human Resources and benefits-related administrative tasks. As businesses continue to think about the economy as a whole, the need to reassess, recommit to and rebuild financial wellness is more crucial than ever. Through new solutions and trustworthy information, ADP, a leading global technology company providing human capital management (HCM) solutions, is dedicated to helping businesses and individuals navigate compliance amid a rapidly changing landscape—which includes reevaluating benefits needs and rebuilding workers' financial well-being.\n\n \n \n \n \n \n \n\n \nAs part of the company's proactive support, ADP Retirement Services is introducing Simplified 5500 Compliance Reporting Process, the second phase of its enhanced Compliance Dashboard, developed to streamline cumbersome reporting requirements. More information can be found here. \nBuilding upon its initial launch in January, ADP has expanded the dashboard functionality by introducing an improved Form 5500 filing process, which includes pre-populating plan data and company information as well as delivering a guided, online filing experience to save businesses time and help reduce potential errors. \n\"Recognizing that retirement plan compliance can be technical, frustrating and time-consuming for plan administrators, we aimed to create something that is easy and inutitive,\" said Kristin Andreski, senior vice president and general manager of ADP Retirement Services. \"We specifically added these enhancements to the Compliance Platform to provide businesses the tools they need to reduce time spent on administrative tasks so they can focus on managing their business not their retirement plan.\" \nIn the second phase of this rollout, ADP clients can now access an intuitive dashboard that simplifies the work associated with Form 5500 filing by: \nReviewing and updating business and plan data Reviewing financial summary and participant detail Receiving notifications of a filing erro...