Hopkinton, Mass. — September 28, 2020 — PrismHR, the leading HR technology software powering payroll, benefits and HR for small and medium-sized businesses across the U.S. today announced a first of its kind integration between the PrismHR platform and Slavic401k’s retirement services, making it easier and more cost effective for its HR service provider customers to deliver retirement plans to their small business customers. View Slavic401k Marketplace page.
The integration enables 401(k) contribution data to be automatically transferred from the PrismHR platform to Slavic401k via API. The integration delivers significant advantages, including:
- Improved operational efficiency and data accuracy
- Significantly lower administrative costs
- Simplified enrollment and ongoing management for worksite employees
- Enhanced customer experience for HR service provider worksite employees
Up to now, 401(k) plans have been challenging and time consuming for HR service providers, making them vulnerable to costly mistakes and difficult to promote to worksite employees. The new PrismHR / Slavic401k integration allows 401(k) data to sync automatically between the PrismHR payroll system and the Slavic401k system via API in near real time. The API integration includes full automation of the 401(k)-contribution process, saving valuable time and resources.
“It is very exciting for me to see this collaboration between two of the HRO industry’s longest-standing vendors come to life. What was only a concept at this time last year is now fully-functional technology, and is already bringing tremendous value to several of Slavic401k and PrismHR’s mutual customers,” said John Slavic, founder, president and CEO of Slavic401k. “We see this as only the beginning of a new era of innovation as our two firms work together to bring industry-leading solutions to HROs, worksites and employees for many years to come.”
“401(k) plans are a fantastic vehicle for employees to save for retirement but it’s cost prohibitive and complex for small businesses to offer plans on their own, so it’s no surprise that our HR service providers often tell us that the ability to offer 401(k) plans is critical to winning new business,” said Gary Noke, president and CEO of PrismHR. “Slavic401k’s plans are among the best plans there are, and we’re thrilled to offer this groundbreaking integration to our HR service provider customers that will enable them to reduce costs, streamline operations and attract new customers while improving 401(k) participation rates.”
In business since 1985, Slavic401k is a recordkeeper and third-party administrator of 401(k) retirement savings plans. Slavic401k is dedicated to providing innovative, efficient and cost-effective retirement solutions. Slavic401k manages nearly $7 billion in assets and serves over 125 Professional Employer Organizations (PEOs), 12,000 worksite clients, and 250,000 participants nationwide. To learn more about Slavic401k, visit www.slavic401k.com.
PrismHR’s mission is to fuel the growth of small and medium-sized businesses (SMBs) across the U.S. Our software, combined with our ecosystem of HR service providers, enables SMBs to manage payroll, benefits, and HR, leveling the playing field with large enterprises. Today, PrismHR software delivers world-class HR services to more than 88,000 organizations and over 2 million worksite employees, processing greater than $57 billion in payroll each year. PrismHR is located in Hopkinton, Mass. For more information, visit www.prismhr.com.