ROSELAND, N.J., Nov. 4, 2013 /PRNewswire/
-- ADP®, a leading global provider of Human
Capital Management (HCM) solutions, advises retirement plan
sponsors to evaluate and continuously monitor their 401(k) plans to
ensure they comply with United States Department of Labor
regulations in light of expanded auditing and enforcement
activities.
According to the National Association of Plan Advisors, in the
12 months ending Oct. 1, 2012, more
than 300 investigations resulting in $1.27
billion in fines were levied by the United States Department
of Labor's Employee Benefits Security Administration (EBSA).
EBSA reports as many as 75 percent of 401(k) plans that it
audits are out of compliance. Last year, EBSA's enforcement efforts
resulted in more than 3,500 civil investigations.
"Every qualified retirement plan sponsor needs to focus on risk
mitigation," said Chris Augelli,
vice president of product marketing and business development for
ADP Retirement Services. "ADP can help plan sponsors reduce
the inherent risks associated with plan administration by providing
continuous synchronization of data between ADP's payroll and
retirement plan recordkeeping systems.
SMARTSyncSM, ADP's intelligent integration and analytics
feature, helps to improve compliance by automatically reconciling
plan data between systems, eliminating manual entry and oversight,
as well as automating plan money movement and investment of
participant contributions," Augelli added.
ADP Retirement Services' SMARTSync 401(k) integration solution
helps clients streamline plan administrative tasks and reduce their
exposure to compliance-related fines. Given the complex
nature of maintaining retirement plans, including processing
contributions on a timely basis, updating salary deferral rates,
and overseeing employee loans, administrators can inadvertently
overlook details that can easily lead to noncompliance and
penalties for their 401(k) plan when systems are not fully aligned
with company data.
Diane Schroer, controller at
Flotech, notes how SMARTSync's integration relieved the
administrative burdens associated with retirement planning at her
worksite. "ADP helps us with our contribution rates," she
said. "Before, we had to manually calculate the rates in an
Excel spreadsheet. With ADP, it's all automated, and I don't
have to worry about any errors."
"The integration with our payroll and 401(k) retirement services
is a seamless transaction," said Michelle
Moran, director of human resources of Ibis Golf and Country
Club. "One of the time-saving features of this integration is
that we do not have to transmit plan participant
contributions. It's all done behind the scenes."
With ADP's SMARTSync, compliance risks can be minimized for
businesses of all sizes. With analytics capabilities to help
improve recordkeeping accuracy and compliance, SMARTSync conducts
continuous checks to identify potential administrative and
compliance issues through real-time monitoring of critical plan
data across ADP's integrated payroll and retirement systems.
SMARTSync then leverages the cleansed plan data to
automatically debit accounts and forward plan monies to the plan's
trust for timely and accurate investment of plan contributions with
each payroll cycle.
Hear more of what other ADP Retirement Services clients are
saying about how SMARTSync is helping to streamline retirement plan
administration by integrating ADP's payroll and retirement plan
recordkeeping system.
For more information about ADP Retirement Services and
SMARTSync, please visit www.adp.com/401k or call 800-432-401k.
Not all clients will experience the same results. ADP has
not compensated any clients for the included testimonials.
About ADP
With more than $11
billion in revenues and more than 60 years of experience,
ADP® (NASDAQ: ADP) serves approximately 620,000 clients
in more than 125 countries. As one of the world's largest
providers of business outsourcing and human capital management
solutions, ADP offers a wide range of human resource, payroll,
talent management, tax and benefits administration solutions from a
single source, and helps clients comply with regulatory and
legislative changes, such as the Affordable Care Act (ACA).
ADP's easy-to-use solutions for employers provide superior value to
companies of all types and sizes. ADP is also a leading
provider of integrated computing solutions to auto, truck,
motorcycle, marine, recreational vehicle, and heavy equipment
dealers throughout the world. For more information about ADP
or to contact a local ADP sales office, reach us at 1.800.225.5237
or visit the company's Web site at www.adp.com.
For more information, contact:
Jim Duffy
ADP
(973) 712 - 2070
Jim.Duffy@ADP.com
SOURCE Automatic Data Processing, Inc.