Payroll
New Payroll Relief Retirement Solution Offers 401(k) Options for Accounting Firms
The new product was developed in partnership with two of the largest providers of retirement services in the country, Transamerica Retirement Solutions and TAG Resources (TAG), who will be the servicers of the PRRS.
Oct. 26, 2016
AccountantsWorld has released a new retirement planning system called Payroll Relief Retirement Solution (PRRS). The new product was developed in partnership with two of the largest providers of retirement services in the country, Transamerica Retirement Solutions and TAG Resources (TAG), who will be the servicers of the PRRS. Transamerica Retirement Solutions and TAG Resources are both leading providers of retirement plan solutions in the U.S.
The PRRS will fully integrate with AccountantsWorld’s signature payroll offering, Payroll Relief, and offer the following benefits to employers:
- Ease of Administration: PRRS will perform virtually all administrative tasks required by a company to offer a 401(k), removing this burden from company employees and executives.
- Consistent Compliance: By working with TAG, PRRS 401(k) plans are consistently in compliance with Department of Labor and IRS regulations. Plans audited by the Department of Labor (DOL) typically experience a 75 percent fail rate, but no TAG-administered plan that has followed TAGs directives has ever failed a DOL audit.
- Fiduciary Liability Protection: The PRRS plan provides employers with the comfort of knowing that their 401(k) is protected to the highest level allowed by law.
- Low Cost: Because the PRRS is an “aggregated” model – meaning a large number of plans are aggregated together – pricing of the plan is on par or lower than other offerings that provide only some or none of the benefits above.
“The compliance requirements for offering 401(k) are complex, and that burden prevents many small businesses from offering 401(k) to their employees. We were looking for a way to mitigate that responsibility for the small business clients our Payroll Relief users serve,” said Dr. Chandra Bhansali, co-founder and CEO of AccountantsWorld. “After a lengthy and extensive due diligence process, we chose to partner with TAG and Transamerica because of their exemplary service and commitment to offering best-in-class retirement solutions.”