Press release
Paychex Named Largest 401(k) Recordkeeper in the U.S. for 13th Consecutive Year
PLANSPONSOR magazine recognizes Paychex as the top 401(k) recordkeeper for retirement plans in three categories ROCHESTER, N.Y.--(BUSINESS WIRE)-- For the
About this update from Paychex, Inc.
[{"type":"text","content":"\nPLANSPONSOR magazine recognizes Paychex as the top 401(k) recordkeeper for retirement plans in three categories\n\n\n ROCHESTER, N.Y.--(BUSINESS WIRE)--\nFor the 13th 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, Inc., a leading provider of integrated human capital management software solutions for human resources, employee benefits, insurance services, and payroll, serves nearly 110,000 plans.\n\n\nPaychex retirement plans started over the last year helped more than 23,000 business owners and their employees begin saving for a secure retirement, which earned the company recognition as the industry leader in the number of plans added over the last year. Paychex was also recognized as the leading provider of 401(k) plans with less than $10 million in assets.\n\n\n“It’s an incredible honor to be named the nation’s largest 401(k) recordkeeper by PLANSPONSOR for the 13th time,” said Michael Majors, Paychex vice president of HR Solutions. “Paychex recognizes that many Americans are facing a retirement savings crisis, and we are on a mission to help business owners and employees save for a secure future. This industry acknowledgment speaks to the advanced capabilities Paychex offers to help small and medium-sized businesses compete against larger organizations with attractive, comprehensive, and affordable benefits.”\n\n\nPaychex 401(k) customers and participants have access to:\n\n\n\nFull integration with Paychex Flex®. Users can integrate their 401(k) plans with the company’s SaaS-based HR suite, Paychex Flex, which supports payroll, HR, insurance, and other services, to reduce administrative time and cost, improve reporting, and meet fiduciary obligations.\n\n\n\n\nPooled Employer Plan option. The Paychex 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 ...