When it Comes to the Retirement Plan Access Question, Are Payroll Providers the Answer?

December 4, 2019
By Terry Dunne
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Despite the best efforts of plan sponsors, retirement plan providers and regulators over the last few decades, Americans remain woefully underprepared for retirement.

A lack of access to workplace retirement plans remains an enormous roadblock to saving for many Americans, specifically those working for smaller private-sector companies.

That’s where payroll providers may be able to help.

More than 60% of businesses are outsourcing some portion of their payroll servicing, and payroll providers already handle direct deposits for a captive audience of businesses. This is part of the reason they are well-positioned to offer retirement plans as part of their suite of services to expand their client base and expand existing relationships.

Learn more about where payroll providers play a role in this 401(k) Specialist article.

The material in this blog is presented for informational purposes only. Millennium Trust Company performs the duties of a directed custodian, and as such does not sell investments or provide investment, legal or tax advice.

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