Netchex announces the launch of Netchex 401k, powered by Vestwell. This new solution
enables businesses to offer a highly sought-after employee benefit
at a competitive cost with minimal administrative effort.
COVINGTON, La., July 2, 2024
/PRNewswire-PRWeb/ -- Netchex, a leading provider of human capital
management (HCM) solutions for SMEs, today announced the launch of
Netchex 401k. Powered by Vestwell,
the leading savings platform for businesses and individuals, this
new solution is designed to streamline retirement savings
administration for employers. Netchex 401k enables businesses to offer a valuable
employee benefit at a competitive cost with minimal administrative
effort.
"We are thrilled to unveil Netchex
401k in partnership with Vestwell, a
solution specifically designed to remove the barriers that prevent
businesses from offering a retirement savings benefit." --
Will Boudreaux, Netchex CEO
In today's tight labor market, retirement benefits are a
critical factor in employee recruitment and retention, with 77% of
working Americans ranking 401k and
pension plans among the most important employer-sponsored financial
wellness benefits. Furthermore, employer contributions to
401k plans are deductible on federal
income tax returns. New 401k plans
may also qualify for up to $16,500 in
tax credits over the first three years to offset setup costs.
Despite all these benefits, setting up and managing 401k plans can be complicated and overwhelming
due to complex regulations and tasks like enrollment, contribution
calculations, and ongoing administration. Netchex 401k simplifies this process, allowing businesses
to easily offer retirement savings plans that help attract and
retain top talent.
The benefits of Netchex 401k
include:
- Easy Setup: Streamlined process minimizes time and resources
needed to set up and manage the plan.
- Fully Integrated: Easily manage corporate Match Policies, Safe
Harbor, and Fund Vehicle Selections all while minimizing the
downstream impacts of audits and fines and
reducing administrative workload for HR teams.
- Manage in One Place: Manage your 401k plan alongside other HR functions within the
Netchex platform, creating a unified user experience for both
employers and employees.
- Employee Self-Service: Employeesmanage everything within the
Netchex application available on the web and mobile.
Netchex CEO, Will Boudreaux,
emphasized the importance of simplifying retirement savings, "We
are thrilled to unveil Netchex 401k
in partnership with Vestwell, a solution specifically designed to
remove the barriers that prevent businesses from offering a
retirement savings benefit."
"There's never been a better time for employers to implement or
expand their benefits packages. We're proud to be the preferred
partner behind Netchex's 401k
solution and offer a seamless, modern solution for businesses of
all sizes," Vestwell CEO, Aaron
Schumm, echoed the enthusiasm for the collaboration. "Our
platform is the only one to offer an end-to-end spectrum of other
workplace savings solutions, like managed accounts, student loan
matching and paydown services, ABLE benefits, and emergency savings
accounts that can be easily integrated with a 401k plan offering."
Abhinav Agrawal, Chief Product
& Technology Officer at Netchex, added, "Netchex 401k just works out of the box and employees can
easily access account information, check balances, manage
contributions, and make investment decisions with a single sign on
experience."
Netchex 401k helps businesses
attract and retain top talent with a competitive employee benefit.
It reduces administrative burdens through automated features and
streamlined processes, and it improves employee satisfaction with a
user-friendly platform for managing retirement savings.
Visit https://netchex.com/401k for more information. If you are
an existing Netchex customer, please reach out to your account
manager to learn more.
About Netchex:
Netchex is one of the industry's fastest-growing payroll and HR
service providers. Netchex's single-source technology solution is a
cloud-based, end-to-end platform for managing the employee
lifecycle from recruitment to retirement. With powerful, yet
easy-to-use technology and award-winning customer support, Netchex
currently services over 6,500 clients. Headquartered in
Covington, LA, Netchex has offices
in Atlanta and Dallas, with representatives nationwide.
Please visit https://netchex.com for more information.
Media Contact
Katie Kennedy, Netchex,
9855024464, kkennedy@netchexonline.com, https://netchex.com
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SOURCE Netchex