Flexibility to create employer-matched contributions
Automate your tiered company match that is based on employee deduction percentages, gross wages percentages, or fixed amounts, even across multiple plans. Enhanced Retirement Plans supports numerous retirement plans including SIMPLE IRA’s, Roth IRA’s, defined benefit and contribution plans (401(k)/403(b)) and non-qualified plans like 457(b) plans.
Enforces combined contribution limits
Employees can contribute to more than one retirement plan, but will need to comply with IRS and company regulations that specify maximum contributions allowable to retirement plans. Enhanced Retirement Plans will enforce combined contribution limits across all employer provided retirement plans.
Automates catch up contributions across retirement plans
This allows eligible employees to make additional contributions above the regular limit once they meet the age criteria, without you having to set up a special benefit code or changing deduction information.
See what our customers are saying about Enhanced Retirement Plans
Thomas Jefferson Foundation, Inc
“We have seen considerable time savings per enrollment period with Enhanced Retirement Plans because of the reduction in data entry and correction of errors. Also, our employees are able to enroll for their retirement plan using Business Portal, which is where everything else for our employee benefit enrollment takes place.” – Leigh Ann Perry
“We have multiple 401(K) contribution options available to our team members and love how Enhanced Retirement Plans makes it possible for the 401(K) administrator to combine both the benefit and deductions when monitoring for the yearly cap. Additionally, the software makes it easier to track those who are on the catch-up contributions without having to manipulate the dynamics benefit/deduction cards yearly caps.” – Dawn Barber
Marinello Schools of Beauty
“Enhanced Retirement Plans helped us to properly manage the employee retirement plans, especially the catch-up contributions for those over 50 years of age.” – Ben Shaw
Annual Enhancements: 20% of list price, includes all product updates and unlimited support