401(k) Reporting

Payright Payroll Services, Inc was founded with the mission to meet the ever-changing Payroll and Human Resource needs for businesses of all sizes. With our Fully Integrated Retirement Solution, Automati(k) Process™, you can realize the following benefits:

• Ease of administration- total hours spent on 401(k) administration decrease by more than half
• Personnel cost savings as a result of the time savings from integration
• Positive effect on performance, productivity, stress level and job satisfaction
• Accuracy of processing and the avoidance of mistakes

Example of Potential Indirect Cost Savings Utilizing the Automati(k) Process™
Total Annual Salary of HR staff: $50,000
Payroll Frequency: Weekly
Administrative Activities for Retirement Plan and Payroll Activities		Time Spent per payroll without Integration	Time Spent per payroll with Integration
Reviewing Quarterly or Monthly Reports		20	8.6
Supplying Year end Census Data		20	10
Updating census		20	13.3
Submitting weekly contribution files		30	6
Creating a new retirement plan account		15	9.4
Updating deferral percentages/rates		15	3
Loan and Hardship administration		30	6
Calculating Employer Contributions		20	0
Total Minutes		170	56.3
Time Savings: 66.9%
Cost Savings: $59.21 per payroll (annual savings of $3,079.37)