COALITION PUBLISHES COMPREHENSIVE LIST OF DATA FIELDS IN RETIREMENT PLAN FEEDS PREFERRED INDUSTRY PRACTICES FOR HCM / PAYROLL PLATFORMS
East Windsor, CT - June 21, 2022
The Coalition for Payroll Excellence announced the release of a comprehensive list of 36 data fields that it recommends HCM / Payroll platforms include in retirement plan fields by default..
The VIEWPOINT titled “
RETIREMENT PLAN DATA FIELDS – PREFERRED INDUSTRY PRACTICES FOR HCM/PAYROLL SERVICE PLATFORMS” is posted HERE
These recommendations apply to all defined contribution retirement plans (401(k), 403(b), government 457, 401(a) money purchase and profit-sharing plans.
The VIEWPOINT report lists 5 categories of data to include:
- Indispensable contribution fields
- Compensation amount fields
- Plan loan data
- Indicative data
- Automatic plan features data
This list builds upon prior VIEWPOINTS. The inclusion of personal email address and mobile phone numbers is to enhance the cybersecurity of participant data using two-step authentication. The addition of a date field for plans with an automatic deferral increase feature eases plan administration
TFollowing the preferred practices outlined in the VIEWPOINT will help HCM / Payroll platforms reduce the need for exception reports and ease the burden of data exchanges.
About the Coalition for Payroll Excellence
The mission of the Coalition is simple: to advocate for payroll administration excellence, to define payroll administration excellence and best practices and finally, to encourage employers and their HCM / Payroll platforms to adopt these best practices. Ultimately the intent of the Coalition is to sustain the dialogue between retirement plan service providers, HCM / payroll platforms, data interchange platforms, and payroll service providers. The Coalition for Payroll Excellence is a brand of EACH Enterprise, LLC.
For more information or to become a member, contact:
Eric Henon, President and Founder
Coalition for Payroll Excellence
Office: 860.254.5046 Cell: 860.221.4449
Find out more: www.payrollexcellence.us