Are you ready for retirement?
Many employees are asking that very question, specifically as it applies to their retirement plans. Are they making enough contributions? Is the employer matching them? There is a lot to think about from both the employee’s perspective, as well as the employer’s perspective. Managing retirement plans can get tricky. Employees are watching their retirement plans and you should, too. Here’s how to manage complicated plans with greater efficiency.
Benefits programs are an important consideration for new hires, which makes them an important consideration for your business. Retirement plans aren’t only for your experienced employees that are nearing retirement age. Many young people, millennials included, are choosing to plan for retirement earlier in their careers. Offering a variety of retirement plans and options is one way to get the attention of the skilled employees you want to hire and retain. However, offering a variety of plans and options, with different matching, can complicate the process. Calculating and reporting on contributions is something you don’t want to manage by hand. The risk of errors is too great. Not only with employees, but with the IRS.
Keep Better Tabs on Retirement Benefits with Enhanced Retirement Plans
Modern enterprise resource planning (ERP) solutions like Microsoft Dynamics GP offer some level of payroll and benefit management support, but it’s often not enough. Save time, money and keep better track of retirement plans with Enhanced Retirement Plans by Integrity Data.
By adding this solution to Microsoft Dynamics GP, you will be able to:
- Manage multiple plans including Simple IRAs, Roth IRAs, defined benefit and contribution plans like 401k and 403b, and non-qualified plans like 457B
- Establish and automate tiered company match based on employee deduction percentages, gross wages percentages or fixed amounts
- Automatically enforce contribution limits across all retirement plans to remain in compliance with IRS and company regulations
- Streamline the ability for eligible employees to make additional contributions, within age limit criteria, without having to create special benefit codes or change deduction information
Automating the tasks associated with retirement plan management will save valuable time amongst your accounting and payroll teams. You can be confident that employee contributions and employer matching are being calculated and managed accurately. Your employees will also be confident as they make these important long-term planning decisions. Contact Integrity Data for more information about this valuable add-on solution and other solutions that streamline common payroll and benefit management tasks in Microsoft Dynamics GP.
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