Paychex Opens 401(k) Services to Fee-based Advisors

ASPPA summit attendees learn how working with Paychex clients brings direct payments, consolidated reporting, and exclusive Web tools

ROCHESTER, N.Y.--(BUSINESS WIRE)-- Independent, fee-based retirement advisors can now work with their clients through Paychex Retirement Services for a range of advantages, including direct automated payments, consolidated reporting, and tracking. For clients, the Paychex service offers the ultimate convenience of integrated payroll through Paychex payroll processing, but is also available as a stand-alone service.

Paychex officials today briefed fee-based advisors on the service at the American Society of Pension Professionals & Actuaries 401(k) Summit at the Orlando World Center Marriott Resort and Convention Center.

"Through payroll integration, critical transactions such as deposits and payments are streamlined for advisors and their clients who use Paychex for payroll and retirement services administration," said Janice Nearen-Bell, vice president of Human Resource Services Sales for Paychex. "Other advantages to working with Paychex include access to diverse fund options and opportunities for new business."

Paychex Retirement Services provides fee-based advisors with direct payments that consolidate their compensation from all of their clients that use the Paychex service. In addition, advisors get access to an exclusive advisor Web site with real-time plan and participant data, Paychex marketing and enrollment materials, and toll-free telephone support.

When clients use the service, Paychex automatically calculates and sends their payments to advisors. Clients also get clear, concise reporting of all fees and the ability to continue to use their advisor for additional services such as fiduciary liability, asset modeling, and detailed fund research.

For more information on Paychex support for fee-based retirement advisors, please go to http://www.paychex.com/partners/investment.aspx. Or, to speak with a Paychex representative, visit booth 513 at the ASPPA 401(k) Summit, taking place through March 16 in Orlando.

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^(R). Human resource services include 401(k) plan recordkeeping, health insurance, workers' compensation administration, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 554,000 payroll clients nationwide as of May 31, 2009. For more information about Paychex and our products, visit www.paychex.com.

    Source: Paychex, Inc.

Released March 15, 2010