Retirement plans are a sought after benefit for many employees, especially when company matching is involved. Businesses that offer retirement options may gain valuable, skilled employees; however, they also gain a challenging workload. Managing employee contributions, matching and compliance with strict plan rules is time-consuming and risky when calculations are managed using manual means. Here is one way to automate and streamline retirement plan management and contributions with Microsoft Dynamics GP Payroll.
Cost-Benefit Ratio for Retirement Plan Management
Starting with the good news first, offering retirement plans is a great benefit for employees and most plans aren’t difficult to manage. You are likely to improve your ability to recruit and retain talented employees with this benefit. Employees that plan for the long-term, their own retirement, are also likely to exhibit that same skill on the job. Forward-thinking planners can be a benefit to your business and ongoing success.
However, there is a cost for offering retirement plans, life insurance and other top-tier benefits. You will need to work closely with providers to ensure the correct information is being captured and calculated for each employee. Capturing deductions and calculating matching contributions accurately is critical, especially for maintaining compliance with IRS regulations and corporate rules. However, this gets increasingly tricky when employees contribute to more than one plan, reach contribution caps or as the rules change along with employee age. This level of detail, not to mention the risk of non-compliance, can’t be trusted to manual means.
Automate and Control Contributions and Company Matching for Retirement Plans
No matter whether you offer Simple IRAs, Roth IRAs, 401k/403b, or 457b plans; or a combination of each, you can manage them more efficiently and accurately with a simple retirement plan management add-on for Microsoft Dynamics GP Payroll. Automating this process will:
- Improve the productivity of your payroll team by streamlining the data-collection process. Replacing manual processes with automation will save time and enable your team to focus on other business-critical tasks.
- Improve accuracy of the data captured throughout the retirement plan contributions and company matching process. Modern business technology, like Enhanced Retirement Plans for Microsoft Dynamics GP Payroll, allows you to set the rules to comply with IRS and corporate guidelines. Let the business software handle the calculations and enforce the limits, for each employee and each plan, when they are reached.
- Improve compliance efforts with changing IRS regulations or corporate rules. The type of data and calculations performed to mange contributions is complicated. When done manually, mistakes can and do happen. By automating the contribution and matching processes with Enhanced Retirement Plans, you can rest assured that you are following the most current IRS or corporate guidelines.
Enhanced Retirement Plans provides the flexibility you need when managing multiple retirement plans, as well as the control you need when calculating variable contributions, matching and complying with IRS and corporate regulations. This business solution will enforce the contribution limits for all retirement plans, including catch up contributions. Contact Integrity Data for more information about Enhanced Retirement Plans and other powerful business solutions for your payroll and benefit management team.