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Roseland, NJ, United States, 2011/11/22 - New administrative account gives 401(k) plan managers greater flexibility in paying plan fees and expenses (NASDAQ: ADP) - ADP.com. NASDAQ: ADP
ADP®, a leading provider of human resource outsourcing, payroll services, tax and compliance services, benefits administration and integrated computing solutions for vehicle dealers, today announced the launch of the ADP ACCESS FlexAccountsm, a plan-level administration tool available to ADP Retirement Services clients, that will assist plan sponsors of 401 (k) programs by giving them greater flexibility in paying their plan fees and expenses.
ADP ACCESS FlexAccount gives plan sponsors the ability to choose how they would like to pay plan fees and expenses. Service fees that are paid to ADP from the various plan investment options can be credited to the ADP ACCESS FlexAccount (providing the company’s plan meets certain underwriting requirements). Alternatively, a company may have a service fee charged to its plan’s participant accounts – known as a “fee-from-trust” transaction – and credited to the ADP ACCESS FlexAccount.
At the plan sponsor’s direction, funds in the ADP ACCESS FlexAccount may be used to pay administrative expenses such as recordkeeping or consulting and advisory service fees. In order to track payments made from the account, plan sponsors will receive an annual ADP ACCESS FlexAccount report. This will identify any surplus amounts that remain in the account and help plan sponsors effectively manage plan resources.
“We are pleased to offer our customers the administrative choice and flexibility that comes with using ADP ACCESS FlexAccount,” said John Guido, division vice president of ADP Retirement Services. “With the business and regulatory world becoming increasingly competitive and difficult to navigate, tools such as ADP ACCESS FlexAccount give plan administrators options that allow them to be more effective and efficient in managing their plans.”
To learn more about ADP ACCESS FlexAccount, please visit adp.com/401k
Automatic Data Processing, Inc. (ADP.com), with about $10 billion in revenues and approximately 570,000 clients, is one of the world's largest providers of business outsourcing solutions. Leveraging over 60 years of experience, ADP offers a wide range of human resource, payroll services, tax and benefits administration solutions from a single source. ADP's easy-to-use solutions for employers provide superior value to companies of all types and sizes. ADP is also a leading provider of integrated computing solutions to auto, truck, motorcycle, marine, recreational vehicle, and heavy equipment dealers throughout the world. For more information about ADP or to contact a local ADP sales office, reach us at 1.800.225.5237 or visit the company's Website.