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.
SMARTSync works with certain ADP payroll and all-in-one HR solutions, including RUN Powered by ADP and ADP Workforce Now. We also wanted a vendor that leads with technology but is capable of offering dedicated one-on-one service. 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.
When you partner with ADP, you can choose from a traditional 401(k), an individual or solo 401(k), a SIMPLE IRA, a safe harbor 401(k) and a Roth 401(k). Adding to the company’s appeal, ADP’s retirement plans integrate with its highly rated payroll services. ADP’s payroll system integrates with the company’s employee retirement plans by connecting your data sets through the vendor’s SMARTSync tool. This eliminates the need for manual data entry, automatically flags potential errors and saves small business owners valuable time by streamlining recordkeeping.
- Some software, such as your security programs,
will also affect response time.
- Furthermore, small businesses need the same access to investment advice and research as larger enterprises.
- This eliminates the need for manual data entry, automatically flags potential errors and saves small business owners valuable time by streamlining recordkeeping.
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.
If you select the regular 401(k) plan, someone at your business will need to be responsible for all the administrative and managerial tasks. The smaller your business, the more that option might make sense, because the fewer employees you have, the less there adp freedom is to manage. We are continually working to improve response time and performance
in ADP Workforce Now. Your experience will vary based on your hardware,
operating system, browser, internet service provider, available bandwidth,
and local configuration.
If you’re a business owner rolling over an existing retirement plan, the Document tab in the ADP portal clearly outlines what forms you need to fill out. The Communication tab lets you know if your employees have been notified of the plan, while the Activate tab tells you when your HR staff will be trained on the plan and when payroll is set up. We like that the dashboard also includes target dates to keep you on track with your plan implementation. Another great feature is that once the system is launched, employees can enroll on demand and employers can send a text to each staffer for text-to-enroll capabilities that encourage participation. 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.
Small business owners will also appreciate the company’s mobile app, which makes accessing plan information particularly easy for both employers and their employees. Small business owners don’t have excessive amounts of time to shop around for a retirement plan sponsor that meets their needs. 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.
ADP 401k Review
We like how ADP provides advisory services to reduce the risk small businesses face when selecting investments for their retirement plans. For ADP’s plans that work with an adviser, third-party company Mesirow offers co-fiduciary or investment management services. 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.
After all, a sole proprietor won’t want the same plan as a business with 100 employees. Thanks to its many attractive plan options, ranging from a traditional 401(k) to a SIMPLE IRA, ADP is capable of satisfying all types of small (and large) businesses. 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.
What type of employee retirement plans does ADP offer?
contact your Enhanced Time support team if you have questions or need
assistance with version verification. For the best possible user experience, ADP recommends
a minimum screen resolution of 1280 x 800. Screen resolutions smaller
than this will still work, but will require horizontal scrolling in some
Why We Chose ADP as Best for Small Businesses
Additionally, the ADP website has a resource center, including sections specifically for small businesses; answers to frequently asked questions; a blog; and webinars. We appreciate that ADP makes it simple for employees to plan for retirement https://adprun.net/ and track their financial goals. The company’s Retirement Readiness calculator, for example, estimates how much money they’ll need for retirement based on their lifestyle goals and how well they are tracking toward those goals.
It’s a fairly effortless way for workers to stay engaged in their financial planning and contribute to their future success. Additionally, ADP TotalSource is a comprehensive PEO with bundled HR features. For ADP Workforce Now Enhanced
Time & Attendance® (formerly known as Enterprise eTIME) clients, Chrome
is a supported browser for Enhanced Time v8.0 only. For Legacy versions
of Enhanced Time v7.0 and lower, Chrome is not a supported browser.
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). 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. 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.
Some software, such as your security programs,
will also affect response time. Your ADP service is supported or certified on the following browsers
and operating systems. Certified
means that the browser or operating system has been tested in detail through
functional test cases and user interface scenario compatibility. Supported means that the browser
or operating system has been tested for key functionality to ensure that
critical features are working as designed.