ADP WINTER, 2014 | Vol. 23 No. 3                 
ADP ADVISOR
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Reduce Your Compliance Workload

SMARTSyncSM integrates ADP® payroll and ADP Retirement Services data, helping reduce your compliance workload

Is your company's retirement plan in compliance? The Department of Labor (DOL) has been actively pursuing and penalizing plans that aren't.

In 2012, the Employee Benefits Security Administration (EBSA) added nearly 1,000 employees, assigning most to enforce compliance among plan sponsors.1 The following year, its enforcement efforts resulted in 3,677 civil investigations and $1.69 billion in enforcement fines, voluntary corrections, and informal complaint resolutions.2 Nearly 73 percent of plan audits performed by EBSA resulted in monetary results for the plans, or other corrective action.1

Many of these outcomes stem from recordkeeping errors that can be eliminated through intelligent integration using systems such as SMARTSyncSM from ADP®.

SMARTSync continuously shares critical plan data between ADP's payroll and ADP Retirement Services' retirement plan recordkeeping systems. For example, for each contribution remittance or change to deferral elections, it:

  • Reviews the request
  • Checks for accuracy and flags potential errors
  • Verifies that the request meets plan rules before forwarding it
  • Automatically requests that funds be impounded for contributions
  • Transmits changes to ADP's payroll and retirement plan recordkeeping systems
  • Sends confirmation to the participant

In this way, SMARTSync automates the tremendous amount of administrative work that typically burdens any company with a retirement plan. Similar labor savings apply to loan administration, enrollment, and eligibility.

For more information, contact an ADP Retirement Services District Manager at 800-432-401k or visit adp.com/401k.

IMPORTANT NOTICE: ADP publishes the ADP Advisor free of charge to its clients. It is accepted with the understanding that the publisher is not engaged in the business of rendering legal or accounting services. If legal, tax, accounting, or other professional assistance is required, the services of an attorney or a certified public accountant should be sought.