Small Market Plan to be Relieved from Fiduciary Risks

By CIOReview | Thursday, April 28, 2016
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Mike Gioja, Senior Vice President of IT, Product Management and Development, Paychex

Mike Gioja, Senior Vice President of IT, Product Management and Development, Paychex

FREMONT, CA: Retirement plan sponsors and advisors encounter problems in managing their work in small plan market with efficiency. Paychex, a payroll, human resource, and benefits outsourcing company partners with LPL Financial, a provider integrated platform of proprietary technology, brokerage, and investment advisor services to minimize the fiduciary risk involved in small market plan and improve efficiency. The partnership brings-in the integration of services and solutions which architects a new platform for the retirement plan sponsors and advisors helping them to optimize their current process and increase their efficiency with lower Fiduciary risk. Mike Gojia, Senior VP, IT, Paychex says, “Our roots are in payroll, and we are well known for it in the industry.But over the course of our 40 year-history, we’ve grown our product offerings.”

Small market platform assimilates LPL Financial’s Investment Management Service and Employee Worksite Financial Solution with Paychex’s Retirement offerings—recordkeeping and administration. Lonny Ostrander, VP, HR Services and Sales, Paychex says, “Paychex understands the retirement challenges that financial advisers, plan sponsors and participants face and is committed to providing the tools and education needed to help ease those processes with flexibility and service at every step.”

Worksite Financial Solution is a beginning-to-end solution helping employees to achieve their financial goals by adding value in every step of work which involves managing enrollments in retirement plan, accumulation of assets, and job transition or retirement. LPL Financial offers Employee Retirement Income Security Act (ERISA) which defines Investment Management Service, reducing the fiduciary responsibilities of plan sponsors as those responsibilities are governed under the act.

David Reich, Executive VP and Head, Retirement Partners, LPL Financial states, “With LPL’s Small Market Solution, advisers and plan sponsors have access to the tools and resources that can help them to meet their fiduciary responsibility and serve their plan participants in meaningful ways as they help them to prepare for a better retirement outcome.”