Is it taking too much time to process payroll contributions each pay period?
- Want to streamline the contribution process with your payroll provider? We provide enhanced and customized payroll services to reduce the time and effort you put into processing payroll contributions each pay period, saving companies an average of 30 hours per year!
You do not need to be a 401(k) client of LRS to use our contribution services. Once you sign up, we will send you alerts when contribution maximums have been attained, provide assistance and reporting necessary for IRS Audits and DOL investigations, and send proactive reminders of pending payroll contribution information. With Enhanced Payroll Contribution Services from LRS, your payroll and contribution reporting is all in one place, and can be turned on and off as needed.
Consider it Taken Care Of
Depending on how much assistance you need, LRS will
Retrieve payroll contribution reports each pay period.
Set up the payroll contribution file required for uploading it into our systems.
Compare your annual payroll reports to your retirement plan employee census for compliance.
Transfer the census to you for review at year end.
Our Service Tiers Include
Premium Contribution Support
Payroll contribution processing working directly with your payroll provider or vendor! We handle everything needed from retrieving payroll contribution reports, to payroll/contribution data entry, to pulling contributions from your designated account. We even run compliance reviews of your consolidated payroll report vs your retirement plan employee census.
Large Payroll Relief
Payroll contribution processing from additional accounts, companies, units, or departments! Our base services process up to 26 payrolls from a single bank account. If you process payroll more frequently (e.g. weekly) or you process payroll for more than 1 entity, unit, or, division you will need to secure our Large Payroll Relief services.
Enhanced Calculations
If your payroll solution is not able to calculate company matching contributions each pay period, we can handle it! We’ll log into your payroll solution, download and retrieve payroll contribution reports, enter payroll and contribution information into contribution processing systems, pull contributions from your designated account, and do compliance reviews of your consolidated payroll report.
Just the Basics
If your payroll solution only provides payroll and contribution information in a locked PDF or similar format that makes it difficult to submit contribution information, we can set up customized payroll contribution files required for necessary data upload into our systems.
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