Press release
Paychex Named Largest 401(k) Recordkeeper in the U.S. for 12th Consecutive Year
PLANSPONSOR magazine recognizes Paychex as the top 401(k) Recordkeeper by number of plans, total number of DC plans added in 2021, and number of 401(k) plans
About this update from Paychex, Inc.
[{"type":"text","content":"PLANSPONSOR magazine recognizes Paychex as the top 401(k) Recordkeeper by number of plans, total number of DC plans added in 2021, and number of 401(k) plans with less than $10MM in assets \nROCHESTER, N.Y., Aug. 23, 2022 /PRNewswire/ -- For the twelfth year in a row, Paychex, Inc. has earned PLANSPONSOR magazine's distinction of being the nation's largest 401(k) recordkeeper by total number of plans. Paychex, a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, serves over 100,000 plans.\n\n \n \n \n \n \n \n\n \nPaychex also earned recognition as the industry leader in the number of plans added in 2021, with 20,290 new plans. The company was also recognized as the leading provider of 401(k) plans with less than $10 million in assets.\n\"The SECURE Act and other federal and state initiatives are helping to expand retirement savings access across the U.S.,\" said Michael Majors, vice president of HR Services Sales at Paychex. \"With the introduction of our Pooled Employer Plan and other retirement offerings, Paychex is doing our part to ensure business owners and their employees have the opportunity to save for a secure retirement. This recognition speaks to the innovative tools, intuitive technology, and expert service that are at the heart of everything Paychex does.\"\nPaychex offers affordable, comprehensive 401(k) plans for businesses of any size. Customers and participants enjoy:\nFull integration with Paychex Flex®. Users can integrate their 401(k) plans with the company's SaaS-based HR suite Paychex Flex, including payroll, HR, insurance, and other services, to reduce administrative time and cost, improve reporting, and meet fiduciary obligations.Pooled Employer Plan option. Paychex's Pooled Employer 401(k) Plan (PEP) gives business owners a simpler, more cost-effective way to offer comprehensive retirement benefits to employees. Paychex acts as both plan sponsor and plan administrator of the PEP, reducing employers' fiduciary and administrative burdens. The PEP is especially well-suited for small to mid-sized businesses that may have been unable to offer a retirement plan due to the lack of affordable plan options, time, or resources needed to manage complex plan administration. PEPs also offer a feature-rich alternative to the growi...