Mary Beth’s Corner

Streamlining Payroll: A Game-Changer for Your Business Owners

Administration, General, Participant Services
October 24, 2024

How often have you found yourself trying to become a payroll expert when assisting your Plan Sponsors to collect or produce census data at the busiest time(s) of the year?

As a financial advisor with Plan Sponsor clients, you understand the importance of producing accurate year-end data, timely data submission to the TPA, and the stress that can be associated with it.

At My Benefits, we recognize the burden this can be and that’s why we’re introducing a new supporting service that shifts this responsibility onto us!

The Power of API Connections

Our innovative service leverages API technology to seamlessly connect with your clients’ payroll systems, providing a comprehensive overview of their payroll data. This connection offers numerous benefits:

Time Savings: The automated data collection process significantly reduces the time and effort required to produce year-end census reports.

Accuracy and Efficiency: By directly accessing payroll information, we ensure precise year-end census data reports, eliminating common errors associated with manual data entry.

Stress-Free Process: Business owners can rest easy knowing that their data collection is handled expertly and efficiently.

Flexible Service Options

At My benefits, we offer both annual and monthly payroll pulls. Catering to your business owner client and their payroll needs, we can perform different services depending on the payroll pull frequency.

See below the supporting services we can perform when utilizing our annual vs. monthly payroll API linkages:

Annual API Linkage:

Collect and reconcile annual census data

Provide most accurate year-end reporting possible

Ideal for businesses seeking a once-a-year comprehensive overview

Monthly API Linkage:

Offers all benefits of the annual pull, plus the ability to:

Perform mid-year employer calculations with existing payroll data

Support cash-outs and distributions

Recall employee service hours and termination dates

Provides financial advisors with the most accurate employee contact information available

Wide-Ranging Payroll Provider Support

Our service integrates seamlessly with a variety of payroll vendors, including but not limited to:

ADP
Paylocity
Paycor
Gusto
Insperity
Paychex
Paycom
Quickboooks
Rippling
UKG

This extensive compatibility ensures that most of your clients can benefit from our payroll connection service.

Empowering Financial Advisors

As a financial advisor, this service allows you to offer enhanced value to your business owner clients:

Free up their time to focus on core business activities

Reduce their administrative burden

Improve the accuracy of their retirement plan data

Let Us “Bring It All Together”

Help your business owner clients reclaim their valuable time and ensure the accuracy of their retirement plan data. Contact My Benefits today to learn more about how our payroll connection service can reduce administrative burden for your clients and streamline their retirement plan management processes.