PensionPro, a leading provider of workflow automation software for third-party administrators (TPAs), has announced a groundbreaking partnership with Payroll Integrations. The collaboration aims to automate the collection of payroll and employee census data through Payroll Integrations’ innovative TPA Connect Platform. This partnership is set to transform the operational efficiency of TPAs, who traditionally rely on manual processes for gathering essential data for year-end testing.

The partnership between PensionPro and Payroll Integrations is designed to streamline the complex processes TPAs face, such as coordinating with employers, payroll providers, and 401(k) providers. These tasks often require tedious, line-by-line reviews to ensure data accuracy. By integrating the TPA Connect Platform directly into PensionPro’s existing workflows, TPAs can now easily access payroll and employee census data from a wide range of benefits sponsors.

This integration is a significant step forward for TPAs, who collectively support over 230,000 plans using PensionPro. The TPA Connect Platform features pre-built integrations with the largest and most widely used payroll companies and benefits providers in the United States. This seamless connectivity allows TPAs to bypass the usual administrative burdens, ensuring data accuracy and reducing the time spent on manual data collection.

The automation of these processes not only improves operational efficiency but also enhances the accuracy of the data collected. This is crucial for TPAs who must comply with strict regulatory requirements during year-end testing. The automated system provided by PensionPro and Payroll Integrations helps eliminate the risk of errors, which can have significant implications for compliance and reporting.

Expert Opinion: The Future of TPA Automation

Industry experts have praised the partnership between PensionPro and Payroll Integrations, highlighting its potential to revolutionize the TPA sector. One expert noted that the integration of advanced technology solutions, such as the TPA Connect Platform, represents a significant leap forward for the industry. They emphasized that this partnership not only simplifies the data collection process but also enhances the overall client experience for TPAs.

The TPA Connect Platform’s ability to integrate seamlessly with existing workflows is a key advantage, allowing TPAs to maintain their current systems while benefiting from enhanced automation. This flexibility is particularly important in an industry where precision and compliance are paramount.

The collaboration between PensionPro and Payroll Integrations is a prime example of how technology can be leveraged to solve longstanding challenges in the financial services sector. As more TPAs adopt this technology, the industry is likely to see a shift towards more automated and efficient workflows, ultimately benefiting both TPAs and their clients.

  employee census data, payroll data, Payroll Integrations, PensionPro, third-party administrators, TPA Connect Platform, workflow automation, year-end testing