Actify Investor Retirements Brings Comprehensive 401(k) Services to Small to Mid-Sized Businesses
Retirement planning can be an onerous task. The complexity and investment of time both contribute to this unfortunate statistic: the majority of us are woefully unprepared for retirement. In fact, according to the Federal Reserve, only 47% of us own a 401(k) or similar plan.
Even when business owners want to offer retirement plans to attract and retain good employees, the selection process and ongoing management can be a complicated distraction from actually running the business.
So, to meet the retirement plan needs of both small and mid-sized business owners and the individuals who work for them, Corporate Payroll Services is excited to announce its new sister company, Actify Investor Retirements. Designed with the business owner in mind, Actify mirrors our service delivery approach that feels hands-on and local, with nationwide reach.
Plus, we’ve partnered with Newport Group, a leading provider of state-of-the-art plan administration, record keeping and trust services. In addition to 360 degree integration with Corporate Payroll Services—you only have to enter data once—you get convenient online access, easy-to-read plan participant statements and comprehensive plan accounting and regulatory support.
All so you can get back to what you do best: run your business. In addition to 401(k) plans, Actify will offer 403(b) and 457 plans and will work with individuals as well.
To find out more, please join us for a free webinar on Thursday, October 20 at 1pm EDT.
- How you, our clients, will benefit
- Why your 401(k) plan might cost more than you think
- If the word ‘easier’ really can apply to a 401(k)
Have you considered Payroll Cards as an alternative to paper checks?
The SOLE® Visa® Payroll Card is a payroll card that can reduce or eliminate the cost of check distribution for employers and the expensive hassle of check cashing for employees. The payroll card is conveniently funded as a direct deposit through Corporate Payroll Services; no bank account or credit check is required.
We spoke with Hannah Waterman, Business Development Manager at Sole Financial to explore the benefits to employers and employees and best practices for using the card.
Corporate Payroll Services: Why would an employer offer the SOLE Visa Payroll Card instead of standard paychecks?
Hannah Waterman: The SOLE Visa Payroll Card allows employers to offer the convenience of direct deposit to unbanked employees. When you consider the distribution cost of paper checks, the risk of lost or stolen checks and check fraud, as well as the time spent on check reconciliation, companies can save a substantial amount with direct deposit. The payroll card takes an ACH deposit, like Direct Deposit, so it has many of the same cost-saving benefits. We also cover the cost of the cards, shipping and any marketing/educational material. This is our investment in our clients’ paperless goals.
Corporate Payroll Services: How do employees benefit? Can’t they just use refillable debit cards?
Hannah Waterman: Unbanked and under-banked employees make up about 28% of the population. These employees have to take time, and typically pay high fees to cash their payroll checks at check-cashing stores, purchase money orders to pay bills, etc. If they move their funds to the refillable debit cards they can grab at the convenience store, they’ll incur additional charges to maintain and use them, often eating up a substantial amount of their pay.
Corporate Payroll Services: So how is the SOLE payroll card different? Is it really like a debit card
Hannah Waterman: Yes. It’s a branded Visa® Payroll Card and is accepted anywhere Visa debit cards are accepted. In fact, employees can order cards in their own name, and even choose their own picture for the face of the card.
Next time, we will share how SOLE Visa Payroll Card focuses on proactive Cardholder Education. They help your card holding employees understand all of the card features, benefits, and free vs. optional fee services. So your employees will not have their paycheck eaten up with unnecessary expenses.
In the mean time, if you have any questions, please feel free to reach out to Hannah at:
Hannah Waterman, Business Development Manager
It's the Social Security Administration!
If you’ve received a “No-Match Letter” from the Social Security Administration (SSA), there’s no reason to say, “Good grief!”
It does mean that an employee’s name and social security number (SSN) do not match in the government’s system. However, it does not necessarily mean that you, or your employee, have done anything wrong. In all likelihood, it is the result of a clerical error.
When you receive the letter, please do not ignore it. You should take reasonable steps to resolve the mismatch and you must apply the steps uniformly across all of your employees. Of course, you should also document and date your attempts to resolve the mismatch.
Specifically, you should:
To verify all Social Security Numbers in our system for all of our customers, we send electronic files to the SSA. If there are any discrepancies, we forward a report of those inconsistencies to you. You can also verify the employee’s name and SSN match by going to the SSA website at http://www.ssa.gov/employer/ssnv.htm
We also offer E-Verify services, so you can check the SSN of your new hires and confirm that they’re eligible to work in the United States at the same time. You will have no “tricks,” just peace of mind knowing that you are in compliance with the law.
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