PensionPro, a provider of workflow automation software for third-party administrators (TPAs), has announced a partnership with Payroll Integrations, a technology company focused on automating employee financial well-being through benefit automation.
The collaboration will integrate Payroll Integrations’ TPA Connect Platform into PensionPro’s existing workflows to automate the collection of payroll and employee census data for TPAs.
This integration allows TPAs to incorporate the TPA Connect Platform into their processes, facilitating seamless data access for year-end testing by connecting directly with benefit sponsors.
Traditionally, TPAs have relied on manual methods, involving back-and-forth communication with employers, payroll providers, and 401(k) administrators to collect necessary data, along with a detailed line-by-line review to ensure accuracy.
The new partnership aims to simplify this process by embedding the TPA Connect Platform into the workflows of TPAs using PensionPro.
PensionPro chief operating officer Darren Conner said: “TPAs are required to ensure the data they collect on retirement plan participants is accurate, and much of the industry is collecting this information manually, which not only takes time but introduces the possibility of data-entry errors.
“Together with Payroll Integrations, we’re making accurate census collection effortless, eliminating a pain point often felt by plan sponsors and retirement plan administrators.”
The platform’s pre-built integrations with major payroll and benefits providers in the US enable TPAs to efficiently connect with these entities, reducing manual administrative tasks and improving data accuracy.
Payroll Integrations CEO Doug Sabella said: “There’s no reason that TPAs should still manually be going from employers to providers to gather data, only to spend hours sifting through the data to ensure its accuracy–there are other, higher-level tasks that they can be focused on instead.
“We’re looking forward to working with PensionPro to expand our TPA Connect Platform to help even more TPAs streamline their year-end testing.”
