Press release
Paychex Surpasses 100,000 Milestone for Number of 401(k) Clients Served
ROCHESTER, N.Y., June 16, 2022 /PRNewswire/ -- Paychex, Inc., a leading provider of integrated human capital management software solutions for human
About this update from Paychex, Inc.
[{"type":"text","content":"ROCHESTER, N.Y., June 16, 2022 /PRNewswire/ -- Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, has surpassed the 100,000 milestone for the number of 401(k) clients served, now administering plans for 103,595 clients as of April 2022. This builds on the company's record of being ranked the largest 401(k) recordkeeper in the U.S. by total number of plans for the 11th consecutive year by PLANSPONSOR magazine in June 2021.\n\n \n \n \n \n \n \n\n \nPaychex's growth in 401(k) recordkeeping has been driven in part by the introduction of the company's Pooled Employer Plan (PEP) in early 2021. Launched as a result of the SECURE Act of 2019, the Paychex PEP provides business owners a simple, cost-effective 401(k) plan option. Paychex was one of the first to introduce a PEP among retirement plan providers.\n\"In today's competitive hiring environment, offering a retirement savings benefit is not a luxury; it's a necessity to attract and retain talent. On top of that, we continue to see more employers offer plans and states adopt mandated retirement savings programs intended to help address the nation's retirement savings crisis,\" said Michael Majors, vice president, human resource services, Paychex. \"As the largest 401(k) recordkeeper in the U.S., we listen to our clients' needs and work with them to offer the best 401(k) plan for their employees and their business.\"\nPaychex offers affordable 401(k) plans for any size business, with features that include:\nFull Paychex integration for increased efficiency – The ability to integrate retirement into the full suite of solutions from Paychex, including payroll, human resource services, insurance, and more through Paychex Flex®, can help plan sponsors reduce administrative time and cost, improve reporting, and meet fiduciary obligations.Expanded participant accessibility and convenient investment management – With the ability to enroll in a plan in a few simple clicks, participants can view or change 401(k) options from any device. Participants can also maximize the potential for their retirement savings through a host of tools, including savings calculators, automatic contribution increases, and more. Additionally, participants have access to personalized investment advice from thir...