Paychex Ranks #1 in Survey of Defined Contribution Recordkeepers
ROCHESTER, N.Y.--(BUSINESS WIRE)-- Paychex, Inc., one of the nation’s leading providers in retirement recordkeeping services for America’s businesses, ranked number one in a recent survey by Pensions & Investments (P&I) magazine of companies that provide recordkeeping services for defined contribution plans. This marked the fifth consecutive year Paychex has topped the annual Pensions & Investments listing by sponsors.
“We are thankful for this recognition and excited to have maintained our top spot on this annual listing,” said Lonny Ostrander, vice president of Human Resource Services Sales for Paychex. “A 401(k) plan is one of the most valued benefits an employer can offer. At Paychex, we’re proud to be an essential partner in bringing retirement savings to thousands of businesses owners and their employees.”
The Pensions & Investments survey ranked U.S. defined contribution recordkeepers as of December 31, 2014, and showed Paychex with a lead of more than 20,000 sponsors over the second-ranked company.
Following is the list of the top ten defined contribution recordkeepers ranked by sponsors, according to P&I’s survey:
|4.||John Hancock Financial||45,072|
|7.||BofA Merrill Lynch||34,483|
Paychex recordkeeping services are part of the company’s suite of retirement offerings, which are designed to meet the needs of businesses of all sizes. Available plan types include:
- Traditional 401(k)
- 401(k) with safe harbor provision
- Owner-only 401(k)
- 401(k) SIMPLE
- SIMPLE IRA
- Profit-sharing plans
In addition to extensive options for plan sponsors, Paychex also works with financial advisors to help grow retirement plan business through a dedicated team of internal and external wholesalers.
Paychex is the preferred payroll and retirement services provider for the American Institute of Certified Public Accountants (AICPA) Trusted Business Advisor Program.
Paychex, Inc. (NASDAQ:PAYX) is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. A variety of business insurance products, including group health and workers’ compensation, are made available through Paychex Insurance Agency, Inc. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 580,000 payroll clients as of May 31, 2014. For more information about Paychex and its products, visit www.paychex.com.
Source: Paychex, Inc.
Released April 14, 2015