Paychex Recognized As Leading Provider of 401(k) Recordkeeping Plans In U.S.
ROCHESTER, N.Y.--(BUSINESS WIRE)-- Paychex, Inc., a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses, ranks as the largest 401(k) recordkeeper by number of plans in America, according to two recent national surveys from Plansponsor and CFO magazine.
The thirteenth annual recordkeeping survey conducted by Plansponsor, a national publication dedicated to the pension and retirement industry, ranked Paychex as the leading provider in the category of total recordkeeping plans for the first time this year, serving 52,000 plans. Paychex was also ranked first by number of plans won in 2010. This marks the eighth time Paychex earns this honor, with 11,200 new plans.
"The choice of a recordkeeping provider may well be the most critical plan sponsors make as a plan fiduciary, and the recordkeepers highlighted in Plansponsor's annual recordkeeping survey are clearly standouts in a dynamic and challenging field," said Nevin Adams, editor-in-chief, Plansponsor.
CFO magazine also recently published its 2011 401(k) Buyer's Guide. Among the more than 50 providers listed, Paychex ranks as the largest 401(k) recordkeeper by number of plans.
"Through affordable, robust investment service and payroll offerings, Paychex makes it possible for almost any business to administer a retirement plan," said Janice Nearen-Bell, vice president of sales for Paychex's Human Resource Services division. "This recognition is important because it demonstrates our ability to administer benefits through an accessible, reputable system, and help our clients and their employees to prepare for their retirement needs."
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/products/benefits.aspx.
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(R). 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 536,000 payroll clients nationwide as of May 31, 2010. For more information about Paychex and our products, visit www.paychex.com.
Source: Paychex, Inc.
Released June 15, 2011