WorkGroup Payroll the premier provider of payroll services for small to medium sized businesses has selected Pinnacle Financial Services as their Third Party Administrator for their 401K services. A third party administrator (TPA) handles all the transactions and manages day to day operations of a 401K program. A TPA comparison would be similar to buying a car from one place and getting it serviced at another location more convenient to you.
Companies that currently do not have a 401(k) retirement plan can now offer this to their employees with WorkGroup Payroll at the most competitive rates in the industry. By selecting Pinnacle, WorkGroup payroll offers a service that has been administering 401(k) plans since 1984 and has won multiple awards for record keeping excellence over the 28 years. Pinnacle was the first Third Party Administrator in the country to have received the CEFEX Certification from the American Society of Pension Professionals and Actuaries (ASPPA) and is one of the only organizations in the country to have renewed this accreditation every single year since its inception.
“We have seen many small and medium sized businesses overpaying for 401K services through their PEO companies and plan sponsors, says Allen Bornstein, President of WorkGroup Payroll.” Trey Galuppi, Business Development Manager for Pinnacle Financial Services believes the relationship with WorkGroup Payroll allows them to help employers drastically reduce administration fees while mitigating fiduciary liabilities for their retirement plan.”
If you have questions about your current plan or would like more information regarding compliance and testing, please contact WorkGroup Payroll. WorkGroup Payroll is a Pillar member and Affinity Partner with the Miami Beach Chamber of Commerce.