Fidelity Investments® and Paylocity Team Up to Provide Integrated Payroll Capabilities for Fidelity Advantage 401(k) Clients

About this update from Paylocity Holding Corporation

[{"type":"text","content":"\nIntegration Will Drive Efficiency by Enabling Employers to Automate Contributions, Reduce Risk, and Deliver More Competitive Benefits\n\n BOSTON--(BUSINESS WIRE)--\nFidelity Investments®, the country’s largest1 401(k) provider, and Paylocity, a leading provider of cloud-based HR and payroll software solutions, announced today that seamless access to payroll capabilities is now available with the Fidelity Advantage 401(k)SM pooled employer plan (PEP). This enhancement will reduce the administrative burden on small- and mid-sized businesses offering retirement plans for their employees and help workers start saving towards their retirement goals.\n\nRetirement benefits have traditionally been cost-prohibitive to smaller businesses, and workers are seeking financial security more than ever. According to a report2 by the Georgetown University Center for Retirement Initiatives, there are roughly 57 million private sector workers (46%) who do not have access to a retirement plan through their employers. This access gap more heavily impacts smaller businesses and disproportionately affects lower-income workers, younger workers, underrepresented communities, and women. At the same time, retirement planning is top-of-mind for workers, according to the Fidelity Investments 2021 State of Retirement Planning Study, which found that seven out of 10 workers in the U.S. are making changes to improve their retirement preparedness.\n\nTo help make quality benefits accessible to more companies, Fidelity created the Fidelity Advantage 401(k) plan, a pooled employer plan that allows multiple unrelated small- and mid-sized businesses to participate in a single 401(k) plan. Employers are recognizing that pooled employer plans such as Fidelity’s can be a cost-effective and efficient way to offer 401(k) benefits to their current employees, and to use as part of a broader benefits offering attract new workers.\n\nFidelity is teaming up with Paylocity to help businesses further streamline two important aspects of their employee benefits administration. The first is automated, two-way sharing of plan information between Fidelity and Paylocity, known in the industry as 360° integration. This allows for automatic contribution processing, which means employees can change contributions within Paylocity and the data seamlessly flows into Fidelity Advantage 4...

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