Paychex Number One in Survey of Defined Contribution Recordkeepers
ROCHESTER, N.Y.--(BUSINESS WIRE)-- Paychex, Inc., one of the nation’s leading providers of 401(k) recordkeeping services for America’s businesses, was ranked number one in a recent survey by Pensions & Investments (P&I) magazine on companies that manage defined contribution recordkeeping assets. Paychex earned top billing for the second straight year when ranked by the number of sponsors. Paychex’s number of sponsor-clients increased 11.5 percent, from 52,000 to 58,000.
“We’re thankful for this recognition,” 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 small businesses owners and their employees.”
The Pensions & Investments survey ranked U.S. defined contribution recordkeepers as of December 31, 2011, and showed Paychex with a lead of more than 8,000 sponsors over the second-ranked company.
Following is the list of top ten defined contribution recordkeepers ranked by sponsors according to P&I’s survey:
|
Rank |
Record Keeper |
|
Sponsors |
|||||
| 1. | Paychex | 58,000 | ||||||
| 2. | ING | 49,492 | ||||||
| 3. | John Hancock Financial | 44,577 | ||||||
| 4. | Nationwide Financial | 41,988 | ||||||
| 5. | BofA Merrill Lynch | 40,898 | ||||||
| 6. | Hartford Financial | 33,160 | ||||||
| 7. | ADP Retirement Services | 31,279 | ||||||
| 8. | Principal Financial | 30,238 | ||||||
| 9. | Fidelity Investments | 28,361 | ||||||
| 10. | Ascensus | 27,455 |
Paychex 401(k) plans are part of the company’s suite of retirement services and are designed to meet the needs of small- to medium-sized businesses. They include traditional 401(k), 401(k) with safe harbor provision, owner-only 401(k), 401(k) SIMPLE, SIMPLE IRA, and profit-sharing plans. For more information, visit: http://www.paychex.com/employee-benefits/401k-retirement/.
Paychex is the preferred payroll and retirement services provider for the American Institute of Certified Public Accountants (AICPA) Trusted Business Advisor Program.
About Paychex
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 564,000 payroll clients nationwide as of May 31, 2011. For more information about Paychex and our products, visit www.paychex.com.
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Media:
Paychex, Inc.
Lisa Fleming, 585-387-6402
Public
Relations Program Manager
lfleming@paychex.com
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@PaychexNews
Source: Paychex, Inc.
Released May 4, 2012