ADP’s retirement plans come with a range of services and features that small businesses will value regardless of how many employees they have. ADP offers a variety of plans for every size business that may be interested in not just 401(k) plans but also SIMPLE IRAs and SEP IRAs. While the company’s website is very transparent about the features available with each type, what you won’t find are guaranteed prices. To get a more exact quote, as well as pricing information for the other available plans, you’ll need to contact the company.
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- In addition to an easy-to-use dashboard and its built-in resources, ADP gives small business owners access to a dedicated account manager to make sure everything runs smoothly for your organization.
- ADP’s payroll system integrates with the company’s employee retirement plans by connecting your data sets through the vendor’s SMARTSync tool.
- ADP’s retirement plans come with a range of services and features that small businesses will value regardless of how many employees they have.
- They may find it easier — and safer — to go with a well-known brand like ADP that can offer a variety of plans and valuable features that can be customized.
When you contact ADP, you’ll also want to inquire about any setup fees. If you’re already using ADP for payroll or other HR services, you may be entitled to special pricing for adding employee retirement plans to your package. ADP offers many types of employee retirement plans, including traditional 401(k), individual or solo 401(k), SIMPLE IRA, safe harbor 401(k) and Roth 401(k). ADP makes it easy to establish a retirement plan for your business, especially with a team of implementation managers at your disposal. The company even has English and Spanish language assistance, which opens up the program to more business owners. With the help of this support staff, your business’s plan can be established the very same day you ink a deal with ADP.
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We vetoed any plans that were hard to understand, would take a lot of time and effort to implement, and would be time-consuming to manage. Small business owners aren’t experts at creating retirement savings plans; many need the help of a reputable plan provider. Furthermore, small businesses need the same access to investment advice and research as larger enterprises. For these reasons, ADP stood out to us as the best solution for small businesses. ADP handles regulatory compliance, including trustee services, ERISA bond, and Form 5500 completion and filing. In our view, this service adds immense value, since most small business owners aren’t well versed in the laws and regulations surrounding employee retirement plans.
- ADP empowers you and your HR leaders with access to useful technology and tools that help you get your business’s retirement plan up and running.
- Small business owners don’t have hours to spend to set up an employee retirement savings plan; they need it to be quick and easy to implement and simple for employees to enroll in.
- For instance, see our review of USA 401k for a plan provider that shares all of its costs upfront.
- Yes, it’s an extra step, but it’s the only way you’ll know precisely what the plan will cost you and your employees so you can accurately compare the costs with those of competing plan providers.
- We’re creating a better way to work, so that you can have a better chance of changing the world.
- The smaller your business, the more that option might make sense, because the fewer employees you have, the less there is to manage.
This eliminates the need for manual data entry, automatically flags potential errors and saves small business owners valuable time by streamlining recordkeeping. SMARTSync works with certain ADP payroll and all-in-one HR solutions, including RUN Powered by ADP and ADP Workforce Now. It’s clear that ADP had all small businesses, from sole proprietors to 100-person organizations, in mind when developing its employee retirement plans. This plan sponsor understands that small businesses are unique and want retirement programs that meet their specific needs.
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ADP’s employee retirement plans integrate with the company’s popular payroll software, automating data entry and flagging any potential mistakes. This saves small business owners and their HR staff countless hours by eliminating the need to manually enter payroll and retirement information. When we researched retirement plan providers, we found in our review https://adprun.net/adp-discounts-coupons-february-2021/ of Paychex that it was the only other vendor to offer a native integration with its payroll service. By keeping everything in one unified system, business owners can streamline and improve their HR operations. ADP’s payroll system integrates with the company’s employee retirement plans by connecting your data sets through the vendor’s SMARTSync tool.
Why ADP?
Most small business owners aren’t retirement plan experts; they need fast access to assistance and comprehensive information at their fingertips. In addition to an easy-to-use dashboard and its built-in resources, ADP gives small business owners access to a dedicated account manager to make sure everything runs smoothly for your organization. Small business owners don’t have hours to spend to set up an employee retirement savings plan; they need it to be quick and easy to implement and simple for employees to enroll in. It’s apparent that ADP had these considerations in mind when it developed its user-friendly digital dashboard. With this portal, ADP makes it simple to set up a retirement plan for your staff by breaking down the process into easily digestible tasks you need to complete.
Why We Chose ADP as Best for Small Businesses
Among the other reasons ADP is the best retirement plan vendor for small businesses is the company’s customer service. Business owners have access to a dedicated account manager who can assist during implementation and beyond. Small business owners will also appreciate the company’s mobile app, which makes accessing plan information particularly easy for both employers and their employees. Another potential downside is the poor customer reviews on the BBB website, which notes that ADP has closed nearly 900 complaints in the past three years. Going it alone could be better than dealing with subpar or inconsistent customer support.
What type of employee retirement plans does ADP offer?
Otherwise, ADP Strategic Plan Services provides fiduciary and investment services. Take the time to call ADP to get a specific quote if you are seriously considering the vendor for your retirement plan. Yes, it’s an extra step, but it’s the only way you’ll know precisely what the plan will cost you and your employees so you can accurately compare the costs with those of competing plan providers. With ADP’s SMARTSync tool, you can integrate your retirement plan data with ADP’s payroll software, thus eliminating manual entry and reducing potential errors. ADP empowers you and your HR leaders with access to useful technology and tools that help you get your business’s retirement plan up and running. The vendor also has a team of dedicated managers to help with implementation.
Additionally, the ADP website has a resource center, including sections specifically for small businesses; answers to frequently asked questions; a blog; and webinars. It started as a social movement, but the problem grew so big, it became a business. We are on a mission to change workplace culture by providing free, world-class education to any leader that wants to upgrade their team here on PerksatWork.com. We strive to do the right thing for the local and global communities where we live and work. One way we do this is by paying you to pay it forward with volunteer time off and matching your contributions to the causes you support.
Fiduciary Services
If you want a retirement plan that’s easy to implement and manage — with a digital dashboard, a mobile app and access to dedicated support — ADP is the ideal solution for your small business. Our research also revealed how safe and straightforward ADP makes it to upload and store the documents that are necessary to establish your retirement plan. How-to videos and links to more help embedded in the company’s dashboard are other features we like.
Our down-to-earth culture values diverse perspectives, providing a place where careers can flourish in an agile, creative and collaborative workplace. We’re creating a better way to work, so that you can have a better chance of changing the world. We found a lot of helpful information directly on ADP’s digital dashboard.