401(k) 360° Payroll Integration
Circular feeds that exchange data to and from Solex HCM and your 401(k) administrator so that retirement contribution reporting from payroll and employee elections at the 401(k) administrator require no manual reporting or updating.
Save Time and Money
Reduces Errors
Less Administrative Burdens
Solex HCM’s 401(k) 360° Payroll Integration
Steps To Set Up 360 Payroll Integration
Step 1: Initial Setup and Integration
The first step involves connecting your payroll system (Solex HCM) to your 401(k) provider. This requires collaboration between Solex HCM integration team and the 401(k) provider to ensure all necessary credentials, permissions, and file-sharing protocols are established. During this phase, you’ll provide authorization to the 401(k) provider to work with Solex HCM.
Step 2: Data Mapping
Once the connection is established, data mapping is performed to ensure the payroll system can send and receive the correct information. This includes aligning payroll fields (e.g., employee ID, contribution rates, loan repayments) with those required by the 401(k) provider. Accurate mapping ensures seamless data transfer and reduces the risk of errors.
Step 3: Employee Census Syncing
The integration begins syncing employee census information, such as eligibility, enrollments, and plan changes. Any updates made by employees through the 401(k) portal—like changes in contribution percentages, loan requests, or investment elections—are automatically transmitted back to Solex HCM. This step minimizes manual intervention and ensures both systems remain aligned.
Step 4: Contribution Automation
During each payroll cycle, employee and employer 401(k) contributions and 401(k) loan repayments are automatically calculated and sent directly to the 401(k) provider. This eliminates the need for manual data entry and ensures timely deposits, which is critical for compliance with Department of Labor (DOL) regulations. Automated contributions help avoid delays and potential penalties. Solex HCM integration team monitors for any data flow problems.
Step 6: Enrollment and Election Updates
With the 360° integration in place, compliance monitoring becomes more efficient. The system tracks important details, such as participant eligibility, enrollment timelines, 401(k) deferral elections, changes and loan repayments. Data is sent back to Solex HCM from your 401(k) provider and automatically updated in payroll. Solex HCM integration team monitors for any data flow problems.
Step 7: Ongoing Up-To-Date Maintenance
The final step is maintaining and updating the integration over time. As business needs evolve, such as adding new employees, introducing different plans, or handling regulatory changes, the system is adjusted to accommodate these updates. Solex HCM and your 401(k) provider will collaborate to ensure the system remains efficient and compliant with all applicable laws
Questions? We’re Here To Help
Payroll integration connects your payroll system to other platforms, like benefits providers or HR systems, to automate data sharing and reduce manual work.
360 payroll integration is a two-way data exchange between a payroll system and a third-party provider, such as a 401(k) provider, ensuring information flows seamlessly in both directions.
180 integration is a one-way data exchange from payroll to the provider, while 360 integration enables two-way communication, ensuring data updates are shared automatically.
401(k) payroll integration automates the sharing of payroll data, such as contributions and employee updates, with your retirement plan provider, ensuring accuracy and compliance.
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Industries We Serve
Regardless of industry, Solex has Payroll and Human Capital Management systems delivered through a single software solution to help you run your business confidently and efficiently. We strive to provide the highest quality service with a commitment to compliance and customer satisfaction.
Construction
Full & Quick Serve Restaurants
Manufacturing
Health & Wellness
Hardware
Entertainment
Financial & Legal Accounting
Transportation
Technology
Auto Dealerships
Ready to Simplify Your Retirement Plan Management?
If you’re ready to streamline your retirement plan management and take advantage of the time-saving and compliance benefits of 360° 401(k) integration, Solex HCM is here to help.
Contact your Solex HCM representative today to learn more or to get started with the integration process. Let us help you simplify your administrative tasks so you can focus on growing your business!