How does Payroll Network seamlessly integrate my 401(k) data into the solution?
The seamless payroll/401(k) integration solution requires that Payroll Network be granted access to your company’s retirement plan for the transmittal of periodic deposits and annual census information. To authorize access, you’ll complete, print and sign an “Information Sharing Authorization” form and fax the form to your TPA, the Retirement Product Company and Payroll Network. Upon receipt of your authorization, Payroll Network will coordinate and implement the appropriate procedures to ensure timely, complete, and accurate funding of your company’s 401(k) plan. The information is transmitted by FTP services via the Internet using secure encrypted files. You’ll process your payroll as usual. Payroll Network receives your company’s payroll information, processes the payroll, creates a secure encrypted file of your 401(k) information and transmits it to the Retirement Product Company. The Retirement Product Company sends an email confirmation of receipt to Payroll Network’s Production
