Paycom's 401(k) Reporting software is a comprehensive solution designed to streamline the management and reporting of employee 401(k) data. This tool automates the process of collecting, updating, and transmitting pay, contribution, and demographic information to 401(k) providers, eliminating manual data entry and reducing the potential for errors.

Key Features

Automated Data Transmission The software automatically updates and sends employee 401(k) data to providers every pay period.

• Eliminates manual data entry
• Ensures timely and accurate data transmission

Error Reduction By integrating with Paycom's single software system, the tool minimizes data entry errors.

• Automatically pulls salary information, contributions, and loan amounts
• Prevents issues like incorrect matches or deposits

Carrier Communication The software simplifies communication with 401(k) carriers.

• Collaborates with plan providers to meet formatting requirements
• Automatically generates and delivers required files

Benefits

Time Savings The automation of 401(k) reporting processes frees up HR professionals' time.

• Eliminates manual tracking of contributions and employer matches
• Removes the need for manual updates to provider websites

Reduced Liability By ensuring accurate data transmission, the software helps minimize organizational risk.

• Ensures correct contributions are made
• Helps with preparation for tight deadlines