401(K) Reporting
Easily and securely send employee data to your 401(k) provider
What it does
The easiest way to manage 401(k) data
Stuck manually adjusting 401(k) data while dealing with frustrating formatting issues? Stop wasting time with an error-prone process. Instead, automate it with our easy-to-use 401(k) reporting software. Every pay period, our tech automatically updates and sends your workforce’s pay, contribution and demographic data straight to your 401(k) provider. And for extra peace of mind, you receive a detailed report of the transmission within 24 hours.
Errors end here
Even a pro like you can't flawlessly rekey 401(k) data forever. Since 401(k) Reporting exists in our truly single software, it automatically pulls salary info, employee and employer contributions, loan amounts and more without requiring you to manually enter it. That saves you from the hassle of catch-up contributions due to wrong matches or deposits.
Eliminate time-wasting tasks
Your role's too important to sink hours into 401(k) reconciliation. With 401(k) Reporting, you can finally stop manually:
- tracking employee contributions and employer matches
- updating your 401(k) provider's website after every payroll
- making adjustments to account for payroll changes
Minimize exposure and extra work
When something goes wrong with 401(k) data, it falls on you. Our tech helps limit your organization's liability by ensuring correct contributions and helping you easily prepare in the face of tight deadlines. And since it automates sending data to your 401(k) provider, you don't have to worry about wrestling with troublesome files and formats.
How it works
Automate your 401(k) pains away
Never stress over carrier communication again
When one thing doesn’t add up, it brings your entire strategy into question. Our world-class service will help you eliminate that margin for error. We collaborate with plan providers to ensure your data works with their requirements and unique formatting specifications. And once that’s ensured, our 401(k) software automatically generates needed files and delivers them to your carriers. It’s that simple.
Put the 1 in 401(k)
Our 401(k) Reporting tool works in the same single software as all our tools. One login. One password. And one seamless flow of data to ensure accuracy and save you from rekeying anything. Once an employee sets their contribution, Paycom handles the rest and ensures this data gets to your carrier safely and securely.
See what people are saying about 401(K) Reporting
401(k) Reporting connects seamlessly with
After employees easily enroll in benefits and select their contributions, that data automatically flows into our 401(k) Reporting tool to ensure accuracy.
Beti®
If an employee notices anything off about their 401(k) contribution, our self-service payroll experience guides them to resolve this issue before submission. This helps ensure bad data never gets to your carrier.
Want to know how well employees engage with your benefits? Report Center makes it easy to gauge participation and average contributions for 401(k)s and other plans you might offer.
Frequently asked questions
Learn more about 401(k) reporting software
401(k) benefits administration software is technology that simplifies the process of collecting data related to employees’ 401(k) retirement plans and transferring that data to 401(k) providers. Ideally, this tech is used in tandem with payroll software — or directly connected to it — to eliminate errors and reduce manually rekeying info.
By automating 401(k) deductions and planning, employers can:
- eliminate errors caused by rekeying data
- free HR professionals from time-consuming tasks
- ensure formatting matches their carriers’ requirements
- reduce legal exposure from incorrect contribution amounts
- prevent costly catch-up contributions due to incorrect matches or deposits
First, the field data in Paycom’s 401(k) files is customized to meet the exact specifications of 401(k) providers to ensure correct formatting. Then, our 401(k) reporting software automatically updates based on your payroll data, eliminating the need for admins to rekey this data before they send it to your carriers.
Your employees can easily view their 401(k) plan documents anytime through Employee Self-Service®. This same easy-to-use app lets your people enroll in their benefits, too. While they consider their 401(k) contribution, our intuitive experience lets them easily test the impact the deduction will have on their take-home pay.
Paycom provides custom retirement plan deduction codes that are set up with the correct tax treatment to align with any retirement plan. Common types requested and supported include:
- traditional and Roth 401(k)s
- 403(b)
- 457(b)
Having all employee data in one software eliminates the need for data reentry between multiple applications, reducing potential inconsistencies and errors while giving time back to HR.
401(k) Reporting automates an otherwise time-consuming process, resulting in potential savings by reducing:
- labor costs
- payroll processing time
- errors and the associated risk of penalties
Explore these resources for greater insight
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