ADP Retirement Services Launches Simplified 5500 Compliance Reporting Process

Rhea-AI Summary

ADP has launched the Simplified 5500 Compliance Reporting Process to help businesses manage retirement plan compliance amid ongoing pandemic challenges. This new feature is part of an enhanced Compliance Dashboard aimed at easing the Form 5500 filing process. ADP's solution includes pre-populated plan data, guided online filing, and notifications for filing errors. With this initiative, ADP aims to support businesses in streamlining administrative tasks, allowing them to focus on core operations while ensuring compliance and enhancing financial well-being for employees.

Positive

• Launch of Simplified 5500 Compliance Reporting Process improves compliance management.
• Enhanced dashboard includes pre-populated data and guided filing, saving time for users.
• ADP's initiative addresses the needs of businesses amid COVID-19 challenges.

Negative

• None.

ROSELAND, N.J., July 15, 2020 /PRNewswire/ -- As both large and small business owners across the country continue to face the challenges presented by the global pandemic, many are beginning to realize that they lack either the time or resources to focus on Human Resources and benefits-related administrative tasks. As businesses continue to think about the economy as a whole, the need to reassess, recommit to and rebuild financial wellness is more crucial than ever.  Through new solutions and trustworthy information, ADP, a leading global technology company providing human capital management (HCM) solutions, is dedicated to helping businesses and individuals navigate compliance amid a rapidly changing landscape—which includes reevaluating benefits needs and rebuilding workers' financial well-being.

As part of the company's proactive support, ADP Retirement Services is introducing Simplified 5500 Compliance Reporting Process, the second phase of its enhanced Compliance Dashboard, developed to streamline cumbersome reporting requirements. More information can be found here.

Building upon its initial launch in January, ADP has expanded the dashboard functionality by introducing an improved Form 5500 filing process, which includes pre-populating plan data and company information as well as delivering a guided, online filing experience to save businesses time and help reduce potential errors. 

"Recognizin­g that retirement plan compliance can be technical, frustrating and time-consuming for plan administrators, we aimed to create something that is easy and inutitive," said Kristin Andreski, senior vice president and general manager of ADP Retirement Services.  "We specifically added these enhancements to the Compliance Platform to provide businesses the tools they need to reduce time spent on administrative tasks so they can focus on managing their business not their retirement plan."  

In the second phase of this rollout, ADP clients can now access an intuitive dashboard that simplifies the work associated with Form 5500 filing by:

• Reviewing and updating business and plan data
• Reviewing financial summary and participant detail
• Receiving notifications of a filing error and/or successful submission
• Accessing useful guides and other helpful resources

"Now more than ever, workplace benefits are critical to protecting workers from new threats while providing financial security," Andreski added.  "As a company that strives to improve client interactions, we've enriched our platform in ways that allow users to seamlessly create retirement plans that help workers save for a better tomorrow."

Simplified 5500 Compliance Platform marks the second major compliance component available from ADP this year. With businesses and employees facing unprecedented challenges as a result of COVID-19, ADP has vigorously developed technology and plan solutions that streamline administration for business owners and cut through clutter for employees by delivering personalized, guided experiences to help simplify saving for retirement. We are committed to transforming the retirement experience through innovation and ongoing technology investments that help guide businesses and employees toward sound retirement planning decisions. Through the new rollout of offerings, ADP is a helping hand for business and individuals to reassess benefits needs and recommit to helping workers rebuild their financial well-being—for today and tomorrow.  

For more information about ADP's Retirement Service offerings please visit www.adp.com.

About ADP (NASDAQ: ADP)

Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential.  HR, Talent, Time Management, Benefits, and Payroll. Informed by data and designed for people.  Learn more at ADP.com

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Copyright © 2020 ADP, Inc. All rights reserved.

 

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SOURCE ADP, Inc.

FAQ

What is the Simplified 5500 Compliance Reporting Process announced by ADP?

The Simplified 5500 Compliance Reporting Process is a new feature aimed at easing the Form 5500 filing for businesses, introduced by ADP to streamline compliance management.

How does the new Compliance Dashboard from ADP benefit businesses?

The Compliance Dashboard helps businesses by pre-populating plan data and offering guided filing, which saves time and reduces errors in retirement plan compliance.

When was the new Compliance Reporting Process introduced by ADP?

The new Compliance Reporting Process was announced on July 15, 2020, as part of ADP's ongoing enhancements in retirement services.

What challenges does ADP's new initiative address for businesses?

ADP's initiative addresses challenges related to compliance and administrative tasks that businesses face, particularly in light of the ongoing global pandemic.

What are the main features of the ADP Compliance Dashboard?

The main features include reviewing and updating business data, financial summaries, filing notifications, and access to helpful resources for Form 5500 filing.