Press release
Paychex Surpasses 120,000 401(k) Clients
The retirement leader’s Paychex Pooled Employer Plan also reaches 34,000 employers ROCHESTER, N.Y.--(BUSINESS WIRE)-- Paychex, Inc., a leading provider of
About this update from Paychex, Inc.
[{"type":"text","content":"\nThe retirement leader’s Paychex Pooled Employer Plan also reaches 34,000 employers\n\n\n ROCHESTER, N.Y.--(BUSINESS WIRE)--\nPaychex, Inc., a leading provider of integrated human capital management software solutions for human resources, employee benefits, insurance services, and payroll, has surpassed a milestone for the number of 401(k) clients served, now administering plans for over 120,000 employers as of May 31, 2024, the company’s fiscal year end. The industry leader in 401(k) plan recordkeeping in the U.S.1, Paychex has also surpassed $51 billion in assets under administration.\n\n\nThe Paychex Pooled Employer Plan, launched in 2021 to give business owners an affordable way to provide their employees with a retirement plan with fewer fiduciary and administrative burdens, has fueled growth of the company’s 401(k) offerings and has been adopted by 34,000 employers with more than $1 billion in plan assets.\n\n\n“In the midst of a retirement savings crisis in America, we believe it is our purpose to help small- and mid-sized business owners offer an affordable retirement solution for their employees. Paychex enables 1.5 million Americans to save for their future; however, research shows approximately half of U.S. employers currently offer a retirement plan. We are committed to providing affordable solutions to these companies that will help them offer their employees the opportunity for a secure retirement,” said John Gibson, Paychex president and CEO.\n\n\n“Legislation like the SECURE Act and SECURE Act 2.0, the introduction of pooled employer plans, and state mandates are helping, but there is more to be done,” Gibson added. “We are committed to educating business owners and industry professionals on available programs, potential tax benefits, and cost-effective plans available for them and their employees. We continue to provide robust retirement products and services, financial advisor and accountant partnership programs, and advocacy in the nation’s capitol, because we acknowledge every American’s right to feel secure in their retirement.”\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 HR, payroll, insurance, and other services, to reduce administrative...