The Future of Work Starts Here
Business Is Complex. Paychex Makes It Simple.
GET STARTED
CLICK HERE: Solutions to address business needs due to the continued effects of COVID-19 pandemic.
Today We'll Cover:
1. Brief introduction 2. Market and regulatory events that may impact your business 3. Understanding your business and staff challenges 4. How Paychex is helping businesses like yours 5. Next steps
NEXT
BACK TO START
A Changing Regulatory Landscape
• Employee and corporate tax laws • Employment regulations • Healthcare Regulations
Customer Results Populate here*
Design Note: waiting on finalized Questions before linking results.
• Legislation that expands employee retention tax credits • Proposed mandates for COVID-19 vaccinations • The growing importance of employee wellness in the war on talent
The Continued Effects of COVID-19
Business Watch – Events that may impact your business
Get your business started, recruit and hire, drive productivity, retain and engage employees, stay compliant - there's nothing we can't help you with.
For over 50 years, Paychex has been one of the nation’s most trusted resources for a wide variety of HR and payroll issues, and has helped businesses successfully respond to fast-changing regulations, natural events and outbreaks that can have long lasting effects on your organization. We have compliance experts dedicated to following the latest federal and state legislation, as well as HR professionals standing by to help clients with their questions. Here are some of the topics our clients are asking us about:
IMPACT
Impact
Businesses need to stay on top of changing legislation and have the resources and expertise to implement changes quickly and efficiently.
These market changes can have unexpected impact to your operations and growth unless your organization is structured to respond quickly and efficiently. • Organizational Resources • Technology
Have you made long-term changes as a result of COVID-19?
NEXT QUESTION
Making remote work a permanent option
Changing your business model to respond to market changes more quickly
Doing more with less staff
Updating your benefits package to remain competitive in today's new environment
What challenges or concerns, if any, are you currently experiencing?
How to keep a distributed workforce motivated and productive
How to manage workplace safety and privacy now and in the future
Understanding employer obligations/employee rights with changing federal, state and local mandated laws
Difficulty hiring or retaining top talent given the trend in remote work
Regulatory changes are expected to continue in 2021. What resources are you leveraging to stay on top of the changes?
A labor and employment attorney
Google®
Government websites (federal and/or state)
Other Vendor
SEE HOW PAYCHEX MAKES IT SIMPLE
Paychex Remains Dedicated to Serving You.
Count on Paychex to keep you informed of major market trends and changing legislation that can impact your business. We help you understand the impact to your business and provide guidance to address it. Our solutions can be customized to fit your needs today and as they evolve in the future.
VIEW SOLUTIONS
Paychex is committed to helping simplify the complexities you face when managing your people, productivity and money.
The Power of Simplicity
THE PAYCHEX DIFFERENCE
MEET YOUR HR PROFESSIONAL
Home People Productivity Money Solutions
Business Watch
Your Productivity
Efficiency Compliance Accessibility & Data Integrity
Your Money
Profitability Cash Flow Management Business Services
Your People
Talent Training and Development Engagement Benefits
Paychex Makes It Simple.
Solutions to events that may impact your business.
Employee Communication and Work Environment
Technology to Help You Keep Your Business Running
Explore:
Home People Productivity Money
Employee COMMUNICATION AND Work ENVIRONMENT
Resources and Benefits to Support Employees
Expand Your HR Bandwidth
EXPAND YOUR HR BANDWIDTH
Expand your HR bandwidth with HR Guidance & Infrastructure
A Paychex HR Professional provides your organization with development and guidance through:
• Recruiting and Applicant Tracking • Job Descriptions • Job Postings via our partner, Indeed • Behavior-based Interview Skills • Employee Screening Services • Paychex Flex® Hiring • Compensation Surveys
The average cost of turnover. Hiring the wrong employee can be expensive.*
$15,000
Organizations that invest in a strong candidate experience improve their quality of hires by
70%
*Brandon Hall, The True Cost of a Bad hire, September 2015
A Paychex HR Professional and our Employee Onboarding solution will help:
• Develop a consistent, personalized process for all new hires. • Ensure employees complete important new-hire tasks quickly and efficiently via a completely digital, mobile-friendly experience. • Leverage document management and electronic storage of required forms.
• Manage and evaluate your people. • Handle employee development and performance reviews. • Reduce turnover and develop top performers. • Train your team, including new hires and tenured veterans, with customizable learning plans.
Our Performance Management system helps:
*It's Better to Avoid a Toxic Employee than Hire a Superstar, Harvard Business Review, 2019
High-performance employees are 4x more productive, may drive 80% of profits, and can help attract other high performers.*
HOME
• Cloud-based tools for administrators and employee self service • Payroll • Direct deposit, Skylight Card • Electronic onboarding • Time tracking • State unemployment insurance service • HR Center
• Medical • Dental and Vision • 401(k) Recordkeeping and Administration • Life Insurance • Disability • Voluntary Benefits • FSA – Paychex Flexible Spending Account • HSA/HRA - Health Savings/Reimbursement Accounts • FinFit – Financial Wellness Program • EAP – Employee Assistance Program • Working Advantage – Employee Discount Program
Robust options to maximize your offerings to employees:
Employee Communication & Modified Work Environment
Flexible Learning
Self-paced online in the Learning Management System Instructor-led with your HR Professional
Inadequate career development is the number one reason why employees leave companies.*
*Retention Report, Work Institute, 2018
DID YOU KNOW?
*Work Institute, 2017 Retention Report
Paychex Difference
Calculators
Our HR Professionals can: • Help you navigate rapidly changing federal and state laws no matter what market event is causing the change • Help you create or modify your policies to help protect your business and employees • Help you assess and reduce risk associated with changing work environment • Assist with leading and engaging your employees remotely
Tools to Help You Keep Your Business Running
Medical Benefits
Retirement Benefits
Paychex Helps You Keep Your Business Focused on Growth
A Paychex HR Professional can help you: • Manage a distributed workforce with recommendations to streamline employee communications, training, and self-service using a mobile, fully integrated platform • Determine which positions should be included in your remote work business continuity plan • Set clear expectations of remote workers • Develop and communicate a remote work policy
Distributed Workforce
A Paychex HR Professional can help you: • Create a communication plan to maintain a safe and healthy workplace • Develop, review and communicate policies based upon • Emergency FMLA, Emergency Paid Sick Leave, ADA, and state mandated leaves (paid and/or unpaid) • Short term disability • Personal leave of absence • Accrued sick time/PTO • Understand restrictions related to inquiries regarding employee health status • Understand your responsibilities when an employee starts showing symptoms or tests positive for COVID-19 • Support employees who are out sick
Employee Communication
COVID-19 HELP CENTER
A Paychex HR Professional can help you:
Return to Work
1. Staffing Considerations • Evaluate Your Staffing Needs • Determine Who Could Work Remotely • Update Policies & Procedures • Communicate
2. Workplace Safety & Vaccination Policy • Implementing a vaccination policy • Maintaining Social Distance • Implementing workplace safety policies • Wellness Checks • Medical Privacy
3. Supporting Employees as They Return to the Workplace • Managing Remote Teams • Addressing Employee Fears • Handling Refusals to Return
Employee Preferred Services • Employee Self-Service Mobile App • Direct Deposit • PayActiv - Pay on Demand
HR Advice and Recommendations • Help develop a strategic benefits program • Assist with a communication plan to encourage usage
Robust options to support Employee Wellness:
Employee Preferred Services
Benefits to Support Financial, Mental, and Physical Well Being
HR Advice and Recommendations
*Insurance is sold and serviced by Paychex Insurance Agency, Inc., 150 Sawgrass Drive, Rochester NY 14620. CA license #0C28207
Social Wellness
Training/Development, Diversity, Equity and Inclusion, Volunteer Time Off, Flexible Schedules, Remote Working, Dependent Care
Financial Wellness
Retirement Savings, Personal Loans, Pay on Demand, Real Time Payments, Direct Deposit, FinFit- Financial Wellness program
Mental Wellness
Employee Assistance Program, PTO, Mental Health Coaching, Stress Management, Psychological Safety
Physical Wellness*
Medical, Dental & Vision, Critical Illness and Accident, FSA, HSA/HRA, Physical Health Coaching
Talent
Training and Development
Engagement
Benefits
People
Streamlined recruiting and interviewing Positive onboarding experience Performance Management
Attracting talent has been the
*Workforce Challenges Faced By Small Businesses, Oasis
Choose from hundreds of trainings in the following categories, or upgrade to create and upload your own: • Business skills • HR compliance • Leadership and management • Sales and service • Business software such as Microsoft® Office • Workplace safety
Top Training Courses:
Introduction to Management Managing Effective Teams Hiring Practices Top 10 HR Issues Non-harassment for Employees and Managers Performance Appraisals
PREV
more productive.*
Engaged employees are
21%
* Gallup Q12® Meta-Analysis Report, 2016
Optimize Your Company Culture
Helping people reach their full potential with: • Employee development • Leadership training • Learning Management System (LMS)
Employee Wellness & Benefits
• Diverse benefits options that attract and retain employees • Time-savings with a single platform • Easy benefits administration for administrators and employees • Compliance support
of workers would prefer new or additional benefits to a pay increase.*
*Glassdoor, Employment Confidence Survey, October 2015
80%
Physical Wellness
Harvard Business Review named supporting employees with their life experience the number one trend to shape work in 2021 and beyond.** A strategic benefits program can be paramount to this effort.
#1 challenge
reported by business owners for the past 3 years.*
*2018 Retention Report, Work Institute
• Develop a consistent, personalized process for all new hires. • Ensure employees complete important, new-hire tasks quickly and efficiently via a completely digital, mobile-friendly experience. • Leverage document management and electronic storage of required forms.
Growth in demand for workers has outpaced the growth in supply of workers. The average number of open jobs has increased by 141% from 2009 to 2017*
Learning Management Interface
Online or Instructor-led
Engaged employees are more productive.*
• Medical • Dental and Vision • 401(k) Recordkeeping and Administration • FSA – Paychex Flexible Spending Account • HSA/HRA - Health Savings/Reimbursement Accounts • FinFit – Financial Wellness Program • EAP – Employee Assistance Program • Working Advantage – Employee Discount Program
• Diverse benefits options that attract and retain employees • Time-savings with a single platform • Easy benefits administration for administrators and employees • Compliance expertise
Reporting & Analytics Gain insight into your business with 160+ reports, create your own custom reports, and access benchmarking tools that leverage industry data of our 650,000+ customers. Business decisions often depend on hard facts about your operations and your employees. Get the payroll, HR, and benefits insights you need to make data-driven decisions with the robust workforce analytics. Easy-to-use dashboards for a variety of functions — payroll, time and attendance, recruiting, HR, and more.
Productivity
Benefits administration made easy - Manage all your employee benefits from one place Manage benefits online or from a mobile device Open-enrollment renewal with ease Analytics and reporting Make updates in real time Communicate updates and announcement Employee access to their retirement, health and section 125 plans online and from their mobile device. Savings in administrative and employee time and labor costs Control over benefit costs, invoicing and bill reconciliation
Efficiency
Compliance Support
Data Integrity & Accessibility
Unlock organizational productivity by removing the obstacles that stand in your way
Paychex Flex offers your administrators and employees a full range of HR functions in one cohesive platform from your mobile device or desktop.
• Save time with a single sign-on platform with mobile friendly self-service tools • Automatically document key changes and assign approvals • Track important milestones with the HR Events Calendar • Make proactive business decisions with analytics and industry benchmark data
The average company loses more than 20% of its productive capacity - more than a day each week - to structures and processes that consume valuable time and prevent people from getting things done.*
* Great Companies Obsess Over Productivity, Not Efficiency, 2017
LEARN MORE
Paychex Flex Paychex Integrations
Paychex Flex® integration makes sharing data across platforms simple. Our Paychex Flex platform integrates with hundreds of solutions including popular platforms for accounting, hiring, and HR such as;
Are you using an industry-specific software platform?
As a Paychex customer, your Account Manager and Paychex Integrations Support team will work with you to review requirements and configure your integration.
Paychex Integrations. Everything You Need, Connected.
How do you stay informed on the most up-to-date federal and state employment law regulations? Do you have the right business insurance coverage to protect your business when you need it most? How do you communicate your company policies to your employees? Are you up-to-date on OSHA regulations?
Potential Compliance Issues
• Online self service • U.S. based phone support • Dedicated digital, phone or in-person support
Support and Service to meet your needs:
*2019 Paychex Pulse of HR Survey
of businesses are spending 15 hours or more per month keeping up with local, state, and federal regulations.*
36%
Making a misstep with regulatory compliance can have devastating financial consequences. Paychex offers dedicated HR expertise to help you meet your regulatory requirements today and prepare for what may be on the horizon.
As your agent of record, we will help make managing business and cyber liability insurance simpler. Have peace of mind knowing that your business can weather the storm if the worst happens. Paychex has coverage options for protection when you need it most.
Legally reviewed policies are at your fingertips, so you can develop and deliver a current, comprehensive handbook to your employees with minimal time and effort.
A safety program from Paychex can help your business comply with OSHA regulations. It can also help stabilize workers' compensation costs, maintain productivity, and reduce employee turnover.
Go to Money
Data Integrity and Accessibility
Employees have mobile access to punch and transfer between jobs on the go
Administrators can align staffing decisions with budget requirements through employee shift-swapping
Increase accuracy with geofencing and geolocation capabilities
Eliminate buddy punching with biometric technology like our InVision® Iris Recognition time clock
Paychex offers a better way to save you time, prevent errors, and help you stay compliant by integrating your time and attendance with your payroll, HR and other services.
Save Time. Improve Efficiency.
A Commitment to Privacy and Security
At Paychex, the safety and security of your personal and account information are among our top priorities. We help keep your data secure by adhering to best practices in:
Business Continuity – With dedicated data and service centers throughout the U.S., you can count on Paychex to be there for you Technology - Multi-factor authentication, malware detection, firewalls, and other industry-standards technologies Privacy – we do not sell or share personal information, and use reasonable care to protect your data Employee Training – Only authorized personnel with required robust security training have access to confidential information
Manage benefits online Enjoy the convenience of benefits enrollment, management, and data all in one place - anytime and anywhere. Make updates in real time Go paperless and give administrators online access to view and change employee benefits data anytime. Give employees mobile and plan access Spend less time answering questions by giving employees mobile and online access to view and make changes to their personal plan information.
Reduce the administrative burden when it comes to your benefits.
Manage everything from one place.
Learn More
BENEFITS ADMINISTRATOR
EMPLOYEE
Get ahead of the issues and gain insights by viewing real-time data, recognize trends and benchmark against like-companies with our reporting and analytics in Paychex Flex. Leverage industry data and benchmark against Paychex’s 670,000+ customers Pull one of our over 160+ reports available, or create your own custom reports Easy to use dashboards give you a variety of functions such as payroll, time and attendance, recruiting, HR and more
Make Proactive Business Decisions
Reporting & Analytics
Time & Attendance Benefits Administration Reporting & Analytics Data Security
25% of workers inflate their hours. Of workers who commit time theft, 21% steal 30 minutes to an hour or more on each shift. This adds up to employees getting paid for five hours or more that they didn’t work each week.*
time clock Calculator
time clock calculator
Benefits Administrator
• Savings in administrative and employee time and labor costs • Manage benefits online or from a mobile device • Open-enrollment renewal with ease • Analytics and reporting • Make updates in real time • Control over benefit costs, invoicing and bill reconciliation
Simplify and automate administering employee life events
Employee
• Access to retirement, health and section 125 plans online or from a mobile device • Make changes to benefits in real time • Open enrollment renewal with ease
Easy access to enroll or update life events
Paychex Flex offers your administrators and employees a full range of HR and payroll functions in on cohesive platform from your mobile device or desktop.
Workplace by Facebook creates a secure work environment so you can:
Paychex Flex Social Collaboration
Engage employees to drive culture socially
• Automate and simplify communications to increase productivity. • Welcome new employees, recognize achievements and elevate company culture. • Transform communication with ease across groups to build networks and team-based organizations.
How do you stay informed on the most up-to-date federal and state employment law regulations? Do you have the right business coverage to protect your business when you need it most? How do you communicate your company policies to your employees? Are you up-to-date on OSHA regulations?
of businesses are spending 15 hours or more per month keeping up with local, state, and federal regulations.
Legally reviewed policies are at your fingertips, so you can deliver a current, comprehensive handbook to your employees with minimal time and effort.
Data Integrity and Accessiblity
Get ahead of the issues and gain insights by viewing real-time data, recognize trends and benchmark against like-companies with our reporting and analytics in Paychex Flex. Leverage industry data and benchmark against Paychex’s 600,000+ customers Pull one of our over 160+ reports available, or create your own custom reports Easy to use dashboards give you a variety of functions such as payroll, time and attendance, recruiting, HR and more
Eliminate buddy punching with biometric technology
Money
Profitability
Cash Flow Management
BUSINESS SERVICES
BUSINESS services
Organizations can see a 59% higher revenue per employee when focusing on these four central elements: • Talented managers • The right individual contributors • An engaged workforce • A focus on employee strengths
Gallup study
In this tight labor market, attracting top talent is critical.
59%
Organizations can see a
Source: Companies Are Missing Opportunities for Growth and Revenue, Business Journal, 2015
higher revenue per employee.
New Businesses Payroll Services Paychex Promise Expense Management Workers' Compensation SUI Rate Job Costing & Labor Distribution Tax Services
Paychex provides the solutions and tools to help businesses manage cash flow. With less to worry about, you'll have more time to focus on making your business a success.
*Third of Small Businesses Struggle with Cash Flow, CPA Practice Advisor, 2019
are unable to either pay vendors, pay back loans, or pay themselves or their employees due to cash flow issues.*
32%
of businesses struggle with cash flow.
61%
• Submit expense reports from anywhere with mobile and easy online access. • Analyze spending trends with detailed analytics, and uncover opportunities to reduce expenses. • Improve accuracy and cut down on data entry by importing expenses directly from your general ledger. • Reduce administrative overhead by automating expense reporting online. • Simplify expense reviews and approvals with multi-approval and response automation. • Enforce spending policies in real time with spending monitoring and system expense limits.
Streamline your expense management
Expense Management
*Available in certain states, additional fee applies
Our SUI service works hand-in-hand with Paychex payroll to give you back more of your time and reduce costs.
• Reduce time and your administrative burden • Protect your business from potential fines • Help monitor improper claims • Get assistance with unemployment benefit issues • Have representation at claims hearings*
State Unemployment Insurance
*Available in certain states. Additional fee applies.
Create labor assignments or project descriptions to your specifications to organize expenses. Determine what parts of the business are profitable. Synchronize data with your general ledger. We integrate with many accounting programs including, QuickBooks®, Sage Intacct®, and Xero™.
Review how resources and time are spent with greater precision.
Job Costing and Labor Distribution
Ease your business-tax burden and get help claiming eligible credits
Accuracy and timely payments with Payroll Tax Administration Let experts handle the burden of calculating and filing sales tax with Sales Tax Services Make sure your business gets the credits it deserves with Tax Credit Services.
• Save Time • Reduce Risk • Seamless Integration
Ease your business-tax burden and get help claiming eligible credits
Tax Services
• Next-day and same-day funding options • Countertop wireless and iPad POS solutions • Online Payment Solutions • ACH Payment and eCheck Processing • Stay compliant and secure with PCI DSS compliance reminders
Payment Processing
Reduce the risk of surprise payments by combining your workers’ comp plan with Paychex Flex payroll. You’ll pay more accurate premiums based on actual wages, not estimates.
• Work with trusted carriers • Minimize surprise payments • Know where you stand
Workers' Compensation
Paychex Promise
• Payroll Protection • Business Credit Service • Regulatory Newsletter • Payroll Fraud Hotline • Small Business Loan Center
The ultimate peace of mind for your business. We've got you covered.
Subject to eligibility and are void where restricted by law.
Payroll Center Enter Your Employees' Hours Submit Payroll Analytics & Reports Review Payroll Amounts via the Payroll Journal
SEE EXAMPLE
Submit Your Payroll In a Few Clicks
• Enter and submit payroll - start on your desktop, finish on your phone. • Get employee data and reports to go. • Access retirement, insurance, and FSA administrator views. • Receive push notifications for important events.
A Mobile App for Employers & Employees
Employer Capabilities:
While other providers offer an app for employees, the free Paychex Flex mobile app also provides robust functionality for the business owner or administrative user.
• Cloud-based, easy-to-use online payroll software • Intuitive, user-friendly interface • Easy payroll processing in as few as two clicks • Built-in safeguards • Automatic payroll tax calculation, payment, and filing • Free mobile app — start payroll on your desktop, finish on your phone or tablet, or vice versa • Reporting and analytics • Employee access to payroll online • 24/7 customer service & tech support from experienced payroll professionals
What You Get with Paychex Flex Online Payroll Services
• Easily submit your payroll online or from your phone. • Have federal, state and local payroll taxes automatically calculated, deposited and filed on your behalf. • Pay employees and independent contractors via check, direct deposit, or paycard. • Remit payments to third parties for automatic garnishments.
Flexible, customizable pay entry options, so you can spend less time on payroll and more time on your business.
Payroll
Annually
Complete and file Form 940 Complete Form W-2; one copy to employees and file copy to SSA Complete and file Form W-3 Complete and file Forms 1099 & 1096
Quarterly
Payment of FUTA if accumulated liability is more than $500 Complete and file Form 941 Complete and file SUI return and employee wage detail report
Ongoing
Payment of FICA and federal withholding taxes Payment of state/local withholding taxes
Deposit Taxes and File Tax Returns
State Unemployment Insurance (SUI)
Varies by state
Federal Unemployment Tax Act (FUTA)
0.6% of first $7,000 wages for each employee.*
*3.8% for employees earning over $200,000.
*Actual FUTA rate varies by state.
FICA
Social Security: 12.4% minus employee social security. Medicare: 2.9% minus employee medicare.*
Calculate Employer Taxes
State/Local Withholding
Federal Income Tax (FIT)
Based on W-4 information
*Additional Medicare tax: An employer is required to withhold an additional 0.9% Medicare tax from employee wages that are excess of $200,000.
Social Security: 6.2%, up to wage base. Medicare: 1.45%*
Calculate Employee Taxes
New Business Tax Forms Federal, state and local forms — We'll walk you through the process of setting up state and local tax remittance.
Paychex monitors changes to ensure our service providers and technology infrastructure are always up to date, so you can leave the calculating, depositing, and filing of your payroll taxes to us, and focus on your core business.
New Business? We Have What You Need.
BUNDLES AND ONBOARDING
Business Coverage Payment Processing Services Digital Marketing Services
Business Services
"What you need to know is that you and your business are now in the "cross-hairs" of cyber criminals as their primary target."*
*US Securities and Exhange Commission, The Need for Greater Focus on the Cybersecurity Challengtes Facing Smal and Midsize Businesses, 2015
of small businesses are targeted victims of a data breach*
50%
*State of SMB Cybersecurity Report, Ponemon Institue, 2016
Paychex Digital Marketing Services powered by Freshlime™
Help your business grow and connect with your customers on the devices and networks they use most.
Get discovered – With local listing management and social advertising, we help make your business more visible and drive real traffic to your business through Google, Facebook, Yelp, maps and more. Reputation and Reviews– We will help you take better control of your online reputation by soliciting great reviews and routing problematic issues to management. Customer Engagement – Keep your customers returning with automated campaigns through email, text, and social media.
Digital Marketing Services
General Liability Cover accident-related expenses in case of bodily injury or property damage. Umbrella Insurance Avoid out-of-pocket costs by extending your coverage to take care of issues beyond existing coverage. Enterprise Cyber Liability Insurance Protect your business against the cost related to a security breach that results in unauthorized release of protected personal information. Business Owner Policy Potentially save money on your business policies by bundling your property, general liability, and other insurance into a single package. Property Insurance Don't let your physical assets such as buildings, equipment, computers and inventory go unprotected from damages resulting form fires, theft, or other events. Commercial Auto Insurance Get the coverage you need to protect vehicles owned by your company or used by you or your employees.
Business Coverage
Protection for when you need it most
• Next-day and same-day funding options • Countertop wireless and iPad POS solutions • Online Payment Solutions • ACH Payment and eCheck Processing • Stay Compliant and secure with PCI DSS compliance reminders
Payment Processing Services
Payroll Services Paychex Promise Expense Management Workers' Compensation SUI Rate Job Costing & Labor Distribution Tax Services
• Easily submit your payroll online or from your phone. • Have federal, state and local payroll taxes automatically calculated, depositied and filed on your behalf. • Pay employees and independent contractors via check, direct deposit, or paycard. • Remit payments to third parties for automatic garnishments.
of small businesses around the world struggle with cash flow.
Simplify your business taxes today
Save Time Reduce Risk Seamless Integration
Get discovered – With local listing management and social advertising, we make your business more visible and drive real traffic to your business through Google, Facebook, Yelp, maps and more Reputation and Reviews– We will help you take better control of your online reputation by soliciting great reviews and routing problematic issues to management Customer Engagement – Keep your customers returning with automated campaigns through email, text, and social media.
of small businesses are targeted victims of a data breach**
**State of SMB Cybersecurity Report, Ponemon Institue, 2016
"What you need to know is that you and your business are now in the "cross-hairs" of cyber criminals as their primary target."
General Liability Cover accident-related expenses in case of bodily injury or property damage. Umbrella Insurance Avoid out-of-pocket costs by extending your coverage to take care of issues beyond existing insurance coverage plans. Enterprise Cyber Liability Insurance Protect your business against the cost related to a security breach that results in unauthorized release of protected personal information.
End-to-end tech and services that are all about getting you to better business outcomes.
One Platform. Your Platform.
Analytics That Enable Proactive Strategies – Track hiring, demographics, labor costs, and turnover in real time. Benchmark based on company size, region or industry. Self-Service and Mobile Tools to Unlock Productivity – Employees can enroll, view and update from any Apple and Android device. Implementation and Support You Can Count On – Dedicated point-of-contact to answer your questions, keep you informed on progress, and deliver knowledgeable proactive support.
We simplify business with one platform built to grow with you
LET'S GET TO WORK
VIEW OPTIONS
Paychex Flex® Enterprise
Services Included:
• Online Payroll Processing • Paper Checks • Check Signing • Check Logo Service • Direct Deposit • Paycard • Mobility Options • Taxpay® • New-Hire Reporting • Workers' Compensation Report* • Online HR Library • Labor Poster Kit
• Employee Access Online • Financial Wellness • Standard Analytics and Reporting • Retirement Plan Summary Report • Report Data Exports • Paychex Flex Hiring*** • Paychex Flex Benefits Administration Essentials**** • Labor Distribution and Job Costing • Paychex Flex Time**** • Workers' Compensation Payment Service* • Custom Analytics and Reporting • Garnishment Payment Service
• Paychex Flex HR Administration • Time-Off Accrual (TOA) Reporting • State Unemployment Insurance Service • General Ledger Report • General Ledger Service • Tax Credit Service • Paychex Employee Screening Essentials • Employee Handbook Builder • Paychex Flex Onboarding Essentials • Paychex Flex Onboarding
*Service only available to client workers' compensation coverage through Paychex Insurance Agency. Insurance is sold and serviced by Paychex Insurance Agency, Inc., 150 Sawgrass Dr., Rochester, NY 14620. CA License #0C28207. The Paychex Workers' Compensation Payment Service is offered by Paychex, Inc. and is available in all states except Alaska, Hawaii, North Dakota, Ohio, Washington, and Wyoming **Paychex Flex Enterprise users may choose to have Paychex Flex Onboarding Essentials or the full Paychex Flex Onboarding suite. Opting in to Paychex Flex Onboarding will increase the package price. ***Not available to Paychex Flex Onboarding Essentials users. Opting in to Paychex Flex Hiring will increase the package price. ****If opted in, the packge price will increase.
Paychex Flex Enterprise
Scroll to See the What's Included
Paychex Flex® Pro
• Online Payroll Processing • Paper Checks • Check Signing • Check Logo Service • Direct Deposit • Paycard • Mobility Options • Taxpay® • New-Hire Reporting
• Workers' Compensation Report* • Online HR Library • Labor Poster Kit • Employee Access Online • Financial Wellness • Standard Analytics and Reporting • Retirement Plan Summary Report • Report Data Exports • Workers' Compensation Payment Service*
• Paychex Flex Time Essentials**** • Time-Off Accrual (TOA) Reporting • State Unemployment Insurance Service • General Ledger Report • General Ledger Service • Tax Credit Service • Paychex Employee Screening Essentials • Employee Handbook Builder • Paychex Flex Onboarding Essentials
Paychex Flex Pro
Paychex Flex® Select
• Online Payroll Processing • Paper Checks • Check Signing • Check Logo Service • Direct Deposit
• Paycard • Mobility Options • Taxpay® • New-Hire Reporting • Online HR Library
• Labor Poster Kit • Employee Access Online • Financial Wellness • Standard Analytics and Reporting • General Ledger Report • Tax Credit Service
PAYCHEX FLEX ENTERPRISE
PAYCHEX FLEX PRO
PAYCHEX FLEX SELECT
Paychex was founded in 1971 by B. Thomas Golisano with just $3,000 and a good idea – to make payroll outsourcing easy and affordable for small businesses.
Providing services to more than 12 million employees, and growing
World's Most Innovative Companies 2018 — Forbes
50 Years of Excellence
14x
Ethics
Best HR Outsourcing Inc.com
Service
Innovation
2022 World's Most Ethical Companies® — Ethisphere Institute*
We serve
clients today
over 730K
clients with Paychex
>10 Years
117K
Our Commitment
We’re committed to helping you tackle your most important tasks around people, money, and productivity.
600 HR
We support 1.4 million worksite employees through HR Services. Nearly 200 compliance professionals monitoring regulatory changes.
Support and Service to meet your needs: • Online self service • U.S. based phone support • Dedicated digital, phone or in-person support
1+ Million
401(k) participants
#1 401(k) recordkeeper in the U.S. by number of plans.* Top 25 U.S. insurance agency.**
12 Million
people paid
#1 in small business #2 in mid-market We pay 1 in 12 American private sector employees
*By number of plans, PLANSPONSOR Magazine 2021 **Business Insurance Magazine, 2020 + Paychex and OASIS
Professionals
+
Clients can:
1. Enroll in the program 2. Start making referrals
3. Track their referral status on a dashboard 4. Use social network platforms to share information with contacts
More Referrals. More Rewards. It's that Simple.
*Must become Paychex clients
4 Referrals*
for a year, up to $2,500
Free Payroll
1 to 3 Referrals*
in invoice credit per referral
$200 to $500
Unsurpassed Network of Support
Nearly 500 Human Resource Professionals nationwide with average experience of 7 years.
Nearly 100 analysts tracking changes to regulations, taxes, and laws. With over 100 locations across the U.S., you can count on Paychex to be there for you, no matter what the conditions are in your area.
With over 100 locations across the U.S., you can count on Paychex to be there for you, no matter what the conditions are in your area.
Or any combination of the above. We have service options tailored to work the way you want to.
Online and mobile. Over the phone. In-person.
PRN
workers' COMPENSATION
worker's COMPENSATION
BENEFITS DOCUMENTATION
GENERAL DOCUMENTS
PAYCHEX FLEX BUNDLES
Let’s get to work.
We have a future to create together.
Don't lose another minute that could be spent achieving your business potential. Get started today by choosing the solution you need to succeed and grow. Just provide the following:
3 years of loss runs
DEC sheet
Renewal rates and plan summaries within 60 days of renewal
Summary Plan Descriptions for each current year
Current Invoice
Medical Fact Finder
Census
Employee and company information
Voided check
Federal ID Number
Thank You
The information in these materials, and that provided by the presenter, should not be considered legal, accounting, or investment advice, and it should not substitute for legal, accounting, investment, and other professional advice where the facts and circumstances warrant. It is provided for informational purposes only.
Insurance is sold and serviced by Paychex Insurance Agency, Inc., 150 Sawgrass Drive Rochester, NY 14620. CA license #0C28207
fica tip credit
Business Expense
retirement
Work opportunity tax credit
sui
time clock
FSA
Sample Reports
FORM 8027
CASH REQUIREMENTS
department summary
EMPLOYEE EARNINGS RECORD
FICA Tip CREDIT REPORT
GENERAL LEDGER
JOB COSTING REPORT
LABOR DISTRIBUTION REPORT
NEW HIRE REHIRE REPORTING CONFIRMATION
FORM PAYCHECK
Payroll journal
RESTAURANT PAYROLL JOURNAL
RESTAURANT WORKERS' COMPENSATION
Retirement plan summary
Employee shortfall report
TIMESHEET
WORKERS' COMPENSATION REPORT
How do you stay informed on the most up to date federal and state employment law regulations?
Are you up-to-date on OSHA regulations?
Do you have the right business coverage to protect your business when you need it most?
How do you communicate your company policies to your employees?
Support and Service to meet your needs: Online self service | U.S. based phone support | Dedicated digital, phone or in-person support
A safety program from Paychex can help your business complying with OSHA regulations, while also helping to stabilize your workers’ compensation costs, maintain productivity, and reduce employee turnover.
BACK TO productivity
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Introduction
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Administrators
Paychex Flex offers your administrators a full range of HR and payroll functions in one cohesive platform from your mobile device or desktop
back to PRODUCTIVITY
• Manage and automate payroll • Manage your candidate search and hiring process • Request and store new hire paperwork like W4’s, direct deposit, etc. • Manage, assign and track training • Access workforce analytics such as demographics, turnover rates, training completions, etc. • Measure and rank performance and engagement of workforce • Schedule and document employee reviews • Manage milestones or events, and communicate with the workforce from the HR Calendar • Manage and automate scheduling • Get notification on missing or late time punches • Research HR related questions in the HR library • Access to 160+ reports, benefits information, employee profies, check stubs, tax documents, and more
• View paystub • Manage benefits • Complete new hire and annual benefits enrollment • View performance review
Employees
for employees
Paychex Flex offers your employees a full range of HR and payroll functions in one cohesive platform from their mobile device or desktop
• Manage and automate payroll • Manage your candidate search and hiring process • Request and store new hire paperwork like W4’s, direct deposit, etc. • Manage, assign and track training • Access workforce analytics such as demographics, turnover rates, training completions, etc. • Measure and rank performance and engagement of workforce • Schedule and document employee reviews • Manage milestones or events, and communicate with the workforce from the HR Calendar • Manage and automate scheduling • Get notification on missing or late time punches • Research HR related questions in the HR library
for ADMINISTRATORS
• View paystubs, W-2's and more • Update personal profile information • Set up an edit direct deposit • Clock in and out • View time off details • Enroll, view and manage retirement and health benefits • Check FSA contributions, balances, claims and reimbursements • Submit expenses
• Streamlined benefits administration • Compliance support • Strategic benefits offering • Robust online and mobile technology platform to provide business continuity In addition to Medical, Paychex offers competitive and comprehensive Dental, Vision, Disability, Life Insurance/AD&D and COBRA administration.
Attract and retain the best talent by providing the benefits your employees want
Access your benefit information on any device, anywhere, anytime.
We Stake Our Reputation on Ensuring Our Clients Remain. This Includes:
COBRA
ERISA
ACA
Paychex simplifies bringing a new hire into your benefits solution by handling the administration of:
Tracking eligibility periods Reporting and monitoring Employee enrollments and coverage
Reporting and monitoring
Employee enrollments and coverage
Support a Great Onboarding Experience
• Secure online and mobile health insurance administration • A dedicated, trained, and experienced Account Manager • Management of premiums and deductions • No contracts, no admin cost, no setup fee, and no monthly service fee • Full audit of deductions, plans and compliance documentation
Our Medical Group Plan Administration Services Include:
More than 45,000 of our Insurance clients have been with us for over a decade.
Choose from: • Paychex PEO Master Health Plan • Over 300 carriers nationwide that we partner with, or • Stay with your current carrier and streamline administration
Paychex provides insurance and benefit solutions to almost 150,000 businesses in the U.S.
• No contracts • No admin cost, no setup fee, no monthly service fee • Immediate support upon transition • Full audit of deductions, plans, and compliance documentation • Online and mobile technology to preserve business continuity
Consider Paychex Insurance Agency for Your Benefits Needs
Insurance is sold and serviced by Paychex Insurance Agency, Inc., 150 Sawgrass Drive, Rochester NY 14620. CA license #0C28207
• Paychex Health Savings Account (HSA) • Paychex Flexible Spending Account (FSA) • Paychex Health Reimbursement Arrangement (HRA)
Become an Employer of Choice With Paychex Health Benefits Accounts
We can help you contain healthcare costs, increase wellness, and get tax savings for you and your employees through flexible, easy-to-use health benefit accounts:
• Dental • Vision • Long-Term/Short-Term Disability • Life Insurance/AD&D • Voluntary employee benefits • Options with Aflac® such as Hospital insurance, Accident insurance and Critical Illness insurance
Help Your Business and Employees Have Comprehensive Coverage
In addition to health coverage, Paychex Insurance Agency offers you competitive insurance options to go beyond the basics. This includes:
* With 20+ employees enrolled on medical coverage
Monthly reporting on account activity
Connectivity with Paychex payroll systems so notices are automatically sent when a termination is entered at payroll
Enrollments and terminations managed directly with the insurance carrier on your behalf
Dedicated service team to answer participant and client questions
No monthly fees*
No setup fee
Paychex COBRA Services Helps You Meet COBRA and State Continuation of Coverage Requirements During Employee Separation
We Will Help You Stay ACA Compliant
We help guide you through how the laws impact your company
3
We help collect and manage the different documents for which you are responsible
2
We help make sure you have the required documentation in place in case of an audit
1
We Stake Our Reputation on Ensuring Our Clients Remain Compliant. This Includes:
Automated Billing Options Ranging from Simple to All-Inclusive
• With premium collection and carrier payment services we make all the payments on your behalf • Bills paid in real time – no late fees or overdue notices
All-Inclusive Billing Options:
• Paychex provides a detailed report that allows you to submit a timely and accurate payment to the carrier
Simple Billing Options:
BalanceCare is Here for Your Employees Whether You're in the Office or Working Remotely
I wanted to reach out and let you know that your employee went above and beyond in her attempt to help us get a prescription filled for my daughter. This has been a two-month ordeal, but she stayed on top of things and was able to remedy our situation.
-Satisfied Client
• Alleviate possible HIPAA related violations by utilizing a third party • Faster, expert resolution of questions and issues related to your group-health plan • More efficient and economical access to benefit information • Increased productivity for employers, managers, HR staffs, and employees • Higher participation and satisfaction with your health-care plan
BalanceCare Can Help Your Employees Resolve Health Care Related Questions
Thanks to BalanceCare — health advocacy services are offered at no additional charge*
• Claims assistance • Benefit coverage verification • ID cards • Prescription drug coverage questions
• Appeals • HSA/FSA questions • Health benefit education • Provider research
BalanceCare can assist with special services such as:
SM
*With 10+ employees enrolled on medical coverage
We help reduce risk with our deduction management.
• Automatically initiate deductions for new employee participants • Make changes throughout the year for qualifying events or status changes
• A secure health insurance administration portal • A dedicated, trained, and experienced Account Manager • Premium deduction management • Health advocacy service hotline • Carrier coordination • Online and mobile technology platform to support remote renewal coordination
• Increased data accuracy • Less risk of reporting or calculation errors • Reduced administrative activities for you • A single employee record for data storage
Streamline Your Administration with Payroll-Benefits Integration
By switching your benefits program to Paychex Insurance Agency, you get seamless integration of your benefits with your existing payroll service and the benefit of:
By Business Insurance Magazine, “Top 100 Insurance Brokers in the U.S.,” July 2020
$2.4 Billion Insurance Premiums Managed
#22 Largest
U.S. Insurance Broker
*Employees Are More Likely to Stay If They Like Their Health Plan, SHRM, 2018
How the Health Plan You Offer Affects Recruiting and Retention
Show your employees you are invested in their future by providing them with a competitive benefit package.
said it was the deciding factor or influenced choosing their current job*
46%
of employees said it's a factor in whether they stay at their current job*
56%
Choose from: • Over 300 carriers nationwide that we partner with, or • Stay with your current carrier and streamline administration
BACK TO BENEFITS
Deduction Amount
Currently Enrolled EEs
Effective Date
Plan Summary
Employees Who are Not Eligible
EEs with Missing Information
Newly Eligible Employees
Business is Better with Your Paychex HR Professional
• 600 HR professionals nationwide • Average tenure of over 7 years • Nearly 200 compliance professionals monitoring regulatory changes
• Provides ongoing support from recruiting to onboarding, performance management, benefits, and more
Tailored HR Planning
• Works to assess your challenges, identify opportunities, and provide effective recommendations
Careful Evaluation
• Your dedicated Paychex HR professional takes the time to learn your business
Customized Support
Paychex 401(k) and Retirement Services
We’re committed to delivering unbiased, quality retirement solutions, paired with exceptional service to ensure plans run smoothly. We’ll help you start a 401(k) plan, or switch a current retirement plan to Paychex — the country’s top 401(k) recordkeeper* — with the expertise and the flexibility to partner with sole proprietors to corporations of all sizes.
Let us help guide you every step of the way – from your first meeting through the life of your plan.
NEW PLAN
CONVERSION PLAN
*Largest recordkeeper in the U.S. by number of plans as ranked by PLANSPONSOR magazine
Payroll Integration
Paychex 360 Model
Paychex
IRS/DOL • BANK • RECORDKEEPER • INVESTMENT PROVIDER • PARTICIPANTS • PAYROLL • TPA
PLAN SPONSOR
Many pieces and parts
Without Payroll Integration
PAYROLL
PARTICIPANTS
INVESTMENT PROVIDER
RECORDKEEPER TPA
BANK
IRS/DOL
Save for the future
Start a 401(k) with Paychex, the country's top 401(k) recordkeeper* and winner of the BIG Innovation award for simplifying the complex process of enrollment and management of a 401(k) plan.** • Help you and your employees save for a dignified retirement • Reduce taxes for your business and your employees • Distribution options for times of financial hardship • Payroll integration for ease and accuracy • Attract and retain top talent
*Largest recordkeeper in the U.S. by number of plans as ranked by PLANSPONSOR magazine **Business Intelligence Group, 2021 BIG Innovation Award
retirement Calculator
retirement calculator
TAX Calculator
TAX calculator
#1 Recordkeeper in the Nation*
Helping Americans Retire with Dignity
Serving Over a Million Participants
*(Including auto-enrollment credit), depending on eligibility
• Support available via chat, email, phone or web • User-friendly experience to easily make updates and changes • Spanish version available
Paychex - Technology Innovator
Paychex 360° Platform
Separate Systems Model
(Click each section of the chart for details.)
Three Easy Ways to Fund your 401(k)
3. Discretionary Profit Share
100% Tax Deductible*
2. Employer Match (optional)
1. Employee Contribution
Up to $19,500 in 2020 $26,000 if over 50 years old
100% Tax Deductible (subject to IRS limits)
Up to $20,500 in 2022 $27,000 if over 50 years old
1.
3.
2.
*This chart is a hypothetical example based on a $500 monthly contribution with an annual rate of return of 10% with interest compounded on a monthly basis. For illustrative purposes only. There is no guarantee that this rate of return will be achieved.
• The earlier you start investing, the more your contributions can grow • Reinvest earned interest to earn additional interest as taxes are deferred
What is compounding interest?
Tax-Deferred Compounding Advantage
The SECURE Act
Tax credits available for plan start ups and automatic enrollment features
• Total potential tax credit of $16,500 for three years* • Up to $5,000 in tax credits each year for three years for new plan start up • A $500 annual credit when your business establishes a retirement plan with automatic enrollment • Start a profit sharing plan right up to your tax filing deadline
Top 3 Reasons to Start a Retirement Plan
(Click each number to cycle through details.)
3. Attract and Retain Talent
2. Save for Tomorrow
1. Reduce Taxes Today
• Bundled recordkeeping with third party administrative (TPA) services • 9,600 investment options to choose from • Plan document, adoption agreement and summary plan descriptions • Plan design assistance, including safe harbor and auto enrollment • U.S. based retirement specialists service teams • We will work with your financial advisors • Online and mobile management tools
What you can get with Paychex Retirement Services
Bank
Recordkeeper /TPA
Investment Provider
Participants
Paychex Flex® Recordkeeper + Third Party Administration + Payroll
that retirement savings is a priority*
out of
employees agree
*EBRI/Greenwald Research Retirement Confidence Survey, 2021
SUMMARY
TECHNOLOGY
PLAN DESIGN & INVESTMENT OPTIONS
compliance
ADMINISTRATION
Next Steps to Streamlining Your Retirement Plan
Discuss implementation timeline
Proposal – Review plan design options
Review Adoption Agreement
Identify plan optimization opportunities
Benchmark your fees – analysis of your Fee Disclosure
Key Areas of Retirement Plan Optimization
• Administration of plan in accordance with plan provisions • DOL/ERISA compliance • Fee transparency
Fiduciary Responsibility and Compliance
• Open architecture • Investment neutrality • Financial advisor relationship
Investments
• Automated, payroll-integrated transactions • Quarterly compliance testing • Automated timely/accurate plan contributions • Signature ready Form 5500 preparation and review
Administration
• Recordkeeping and administration • Investment management • Financial advisor
Total Plan Costs
• Enrollment and education • Calculators for net pay, savings rate, and gap analysis • 24/7 control and access — web, mobile, and phone
Participant Retirement Readiness
• Safe harbor plans • New comparability profit sharing • Roth option • Auto enrollment
Plan Design
Participant Experience
• Enjoy toll-free live support • Access toll-free self-service through interactive voice response (IVR) system • View our demo at demo.paychex.com
Phone
• Easy-to-read, personalized quarterly statements keep participants up to date on their accounts • Robust tools focus on participant outcomes such as retirement income forecasting
Staying on Track
• Access account balance • Manage investments, deferral amounts, and personal account information • Set up loans and view loan information • Use calculators to keep on path to retirement readiness
Mobile* and Online
• Quick Enrollment from any mobile device — enroll in just a few clicks • Enrollment meetings can be conducted live on site or online via WebEx
Getting Started
With our “mobile-first” philosophy, all of our cutting-edge technology is available via mobile devices or online. Paychex provides compelling, informative communications and tools to employees to help drive participation and increase engagement in the plan.
*The Paychex Flex® app is available only to users with a Paychex Flex account who access paychexflex.com for their online services.
Interactive Plan Management Tools
Employee Data Add or update employees, and view eligibility, account balance, hire and birth dates, loans Administration View responsibilities, plan details, loans, payroll, compliance test results and actions; manage enrollment Documents and Reports View plan documents. Run on-demand employee, plan, and quarterly reports. Print beneficiary, rollover, and distribution forms
Tools and Learning Get information on managing plans, contributions and transactions, and participant work events, and more Gain quick access to reminders, assets, and billing statements Enjoy an at-s-glance view of plan balance, participation rate, newly eligible employees, and more
The Paychex mobile app provides access to many of these features for on-the-go plan management. Any additional Paychex services used by a plan sponsor can be accessed through the same online and mobile portals, for easy single sign-on account management.
• Access your Retirement benefit information on any device, anywhere, anytime. • Suport available via chat, email, phone or web to assist you and your employees at every step of the way.
Investment Options
• Thousands of investment options from leading investment companies • Open architecture or pre-selected investment menus • Ability to add or remove investments at any time without incurring additional costs
Plan Sponsors Enjoy:
Flexibility and Customization Paychex provides a wide range of investment choices for every type of company to help plan sponsors match objectives.
Paychex has the ability to work with your current recordkeeper or TPA Our team can work with your Financial Advisor to find the best solution for you
Flexibility
Eligibility Employee service required to receive plan benefit Vesting Length of service before participant can receive 100% of benefits Safe harbor Built-in plan sponsor contributions that generally satisfy compliance testing Roth 401(k) Post-tax contributions with tax-free withdrawals in retirement
Matching Employer match of participant contributions Profit-sharing Includes pro rata, integrated, new comparability, and age-weighted Auto Enrollment and Auto Increase All eligible employees can be enrolled at an initial level, helping increase participation and satisfy compliance testing Loans Option is made available for participants to borrow money from their retirement accounts
With auto enrollment, as compared to 60% without auto enrollment*
91% Average Participation Rate
SECURE Act
Important Provision in the Act: Increase in Late Filing Penalties
Failing to timely file Form 5500
Up to $250 per day, not to exceed $150,000 per plan year
Up to a daily penalty of $10 per participant, not to exceed $50,000
Up to $100 for each failure, not to exceed $50,000 for the calendar year
$25 a day, not to exceed $15,000 per plan year
A daily penalty of $1 per participant, not to exceed $5,000
$10 for each failure, not to exceed $5,000
Failing to file Form 8955-SSA
Failing to provide income tax withholding notices
Paychex keeps retirement plans running smoothly. We assist with legal documentation, Form 5500, and other services to help ensure regulatory compliance required by the Department of Labor (DOL) and the Internal Revenue Service (IRS)
Form or Notice
Penalty Assessed for Late Filings After 12/31/2019
Pre-SECURE Act Penalties
Secure Act
• Significant increase on tax credits for employers to offset startup costs (up to $5,000 per year depending on eligibility requirements)* • New tax credit for implementing automatic enrollment ($500)* • Deadline for employers to adopt new retirement plans for the preceding taxable year is extended until the due date of the employer’s tax return • Increases required minimum distribution age (RMD) to 72 from 70½ • Safe harbor extensions and cap increase for auto enrollment • New provisions for MEPs/PEPs • Requires coverage of long-term part time employees (begins 2021)
Key Highlights:
*Tax credit is available for up to 3 years for eligible employers
Effect of COVID-19: CARES Act of 2020
• Rapid response to assist our clients was our top priority
The COVID-19 Virus Caught Everyone by Suprise
• The act created the ability for greater 401(k) loans and penalty-free distributions • Allows for amendment of Adoption Agreement/Plan Details
CARES Act Guidance for our Retirement Services Clients
Our Account Managers have the ability to help plan sponsors navigate changes such as:
• Loans - New Maximum Amount - Payments Deferred • In-Service Distributions -Tax Penalty Waived/Federal income tax payments deferred • Hardship Distribution -Federal Disaster Areas declared by FEMA • Suspension of 2020 RMDs
Relief for Participants
• Remove/Change Match - Frequency - Discretionary - Extend through tax deadlines • Bill from Assets • Terminating Participants
Plan Administrators
Paychex worked diligently to ensure that its technology was updated to comply with updated standards issued by the CARES Act; we have a 24/7 support staff available to address any client questions or concerns.
Directed Trustee Services
• Independent third-party reconciliation and reporting of assets. • Monthly, quarterly, and annual trust and custodial reports available online. • Annual certification of trust reports. • Access to an independent trustee website to view plan transactions. • Consolidated monthly trade statements.
Safekeeping of Assets
• Minimization of administrative burdens. • Independent summarization and verification of plan assets. • Greater control of plan expenses. • Potential reduction in plan audit expenses.
Benefits to Plan Sponsors
While plan sponsors may elect to act as their own trustee, Paychex offers directed trustee services through a third party, Mid Atlantic Trust Company, for plans with 80 or more employees. Services include:
401(k) plans are funded through a trust established to hold and invest the plan’s assets. At least one trustee is appointed to have responsibility for the activities of the trust and its assets. This is a serious responsibility with considerable potential for liability.
– IRS 401(k) Resource Guide, 2020
Optional Services
The 3(16) fiduciary is responsible for the day-to-day administration, including:
• Signing and filing Form 5500 • Monitoring plan operations • Distributing annual notices • Approving distributions and loan requests
3(16) Plan Administration
The 3(21) Co-Fiduciary will provide a list of investments appropriate for use in retirement plans from which you can choose. This is more of a “help me do it” approach because the plan sponsor still maintains some liability as the main fiduciary by approving the fund lineup.
• Co-discretion to recommend changes to the investments within the plan • Investment Policy Statement to document how the plan will be managed, and limit liability • Quarterly and annual reporting on investment performance, changes in strategy and/or operations, and due diligence on comparing expenses and fees to assess competitiveness against a peer group average
3(21) Investment Guidance
The 3(38) fiduciary assumes full fiduciary responsibility for all investment activities — a more “do it for me” approach
3(38) Investment Management
• Full discretion to choose, manage, or change the investments within the plan • Investment Policy Statement to document how the plan will be managed, and limit liability • Quarterly and annual reporting on investment performance, changes in strategy and/or operations, and due diligence on comparing expenses and fees to assess competitiveness against a peer group average
Fiduciary Solutions
Fiduciary responsibility and liability can be a heavy burden when it comes to both investments and administrative duties. We offer choices through third-party providers that can help mitigate the risks.
• Review of quarterly reports • Overall consultative support • Addresses on-going inquiries • Annual plan review, including review of business, plan goals, and plan design • Single point of contact*
• Coordination with your financial advisor • Review of annual compliance test results and actions, if needed • Form 5500 review and audit package, and support for Schedule H filers • Enrollment meeting support, as needed virtually
The Paychex service team is dedicated to assisting in smooth plan operation and ongoing service
Each account manager goes through rigorous and ongoing training, which includes obtaining industry accreditations and continuing education to ensure that they are up to date on the industry and can bring that expertise to each plan.
*For plans with >$500k in assets
• Automated payroll integration transactions • Automated timely/accurate plan contributions • Eligibility tracking & reporting employees’ eligibility to participate in the plan • On demand reports • Census tracking & reporting • Loan processing & distributions • Regular plan sponsor support and communications • Participant enrollment materials and support • Calculators for net pay, savings, and gap analysis
Every 401(k) Plan from Paychex Includes:
The VALUE of Payroll Integration Payroll + Recordkeeping + TPA
Prepare for the Future – Streamline Your Plan Administration
• Economic cycles • Consumer demand shifts • Natural disasters • Pandemics • Unforeseen competitors • Rapid change in technology
Scenarios Businesses Rarely Predict
Fact: You can't predict the future, but you can plan for it. Expect the best, plan for the worst.
Seamless Flow with the Power of Integration
With Payroll Integration
vs
Trust Your Plan to Paychex Retirement Services
Serving Over a Million Participants with Over $28 Billion in Total Assets
2. Empower Retirement 3. ADP Retirement Services 4. American Funds 5. Voya Financial 6. John Hancock 7. Ascensus 8. Principal Financial Group 9. Newport 10. Nationwide
65,829 62,118 60,798 51,389 49,603 45,262 44,381 39,396 33,964
1. Paychex, Inc.
93,742
One of the World's Most Ethical Companies
- Ethisphere Institute
One of the World's Most Innovative Companies
- Forbes magazine
No. 7 on List of Top 125 Training Organizations
- Training magazine
Gold-medal Award for Excellence in Technology and HCM Excellence Award
- Brandon Hall Group
1 in Every 7 401(k) plans Uses Paychex
Largest Recordkeeper in America by Number of Plans
- PLANSPONSOR Recordkeeping Survey 2021
12x
2021 World's Most Ethical Companies® — Ethisphere Institute*
11x
2020 World's Most Ethical Companies® — Ethisphere Institute*
*Plansponsor Recordkeeping Survey 2021 **Business Insurance Magazine, 2020 + Paychex and OASIS
We support 1.4 million worksite employees through HR Services. Nearly 200 compliance professionals monitoring regulatory changes. Support and Service to meet your needs.
Simplify Your Retirement Plan Administration
The benefits of Paychex Retirement Services
(Select the Topic of Your Choice)
Paychex is commited to helping simplify the complexities you face when managing your people, productivity and money.
Covid-19 How Paychex Helps
1. Brief introduction 2. Understanding the issues your business faces 3. Paychex solutions that get you to better business outcomes 4. Next steps
