East Granby, CT - July 9 2018 –
EACH ENTERPRISE ANNOUNCES COALITION FOR PAYROLL EXCELLENCE
In keeping with its mandate to foster a collaborative approach to the employee benefits industry to enable all stakeholders to achieve and exceed their business goals and help employees retire better, Eric Henon, President of EACH Enterprise announced today the launch of the Coalition for Payroll Excellence.
Members of the Coalition include the preeminent recordkeepers, service providers and advisors all focused on improving outcomes for participants while ensuring plan sponsors are able to meet their fiduciary duties and provide a competitive suite of benefits, including the defined contribution plan to employees.
Roger Dodds, Manager of New Business at Securian Financial Group believes that, “The retirement plan community is a wealth of information on the best ways to implement and onboard new business. The Coalition will pave the way for us to share best practices and lean from each other.”
The recent EACH Enterprise Payroll Data Survey has revealed that data has become an increasingly integral part of the retirement plan industry. Products and services focus on personal and personalized services to plan sponsors and participants alike. Currently, approximately 65% of Plan Sponsors outsource the payroll function. 10-15% Of Plan Sponsors provider service providers and recordkeepers with enhanced payroll data (absence management and HRIS) and 10-15% of Sponsors are providing a daily payroll feed to their service providers.
Steven J. Stillman, Vice President, Implementation for Empower Retirement notes, “This Coalition represents a new, and unified approach to the discovery of payroll administration best practices and that in turn, may maximize the benefit of the retirement plan to not only the Plan Sponsors, but the recordkeeper, the payroll service provider and ultimately, the plan participant.”
The Coalition mission is simple: to advocate for payroll administration excellence, to define payroll administration excellence and best practices and finally, to encourage employers and their payroll providers to adopt those best practices. Ultimately the intent of the Coalition is to sustain the dialogue between retirement plan service providers, payroll service providers and payroll administration software firms.
About EACH Enterprise
EACH Enterprise, LLC is dedicated to the institutional retirement plans market, serving investment management firms, recordkeeping service providers, and advisory firms. EACH Enterprise helps client firms establish and maintain a clear position in target markets. Its coordinated initiatives include meeting planning, research, reporting, news release, social media, public speaking, education, and campaign management services.
EACH Enterprise has been designing bold and innovative programs since 2007, using a network of professionals with experience in retirement plans, research, meeting planning, education, communication, design, website development, marketing, sales, distribution management, project management, and human resource management. The firm organizes annual and semi-annual events each year, including the (K)onvergence Summit, the Retirement Advisor Council planning meetings, and roundtables for Client Relationship Management, Participant Strategy, Strategic Account Management, and Conversion/Implementation Team Leaders.
Learn more about EACH Enterprise at www.EACHEnterprise.com