Our administrative services can be integrated into the latest payroll administration platforms to ensure your needs are timeously and accurately met.
Whether you require a simplified 180-degree solution or a more sophisticated 360-degree solution, we can administer your payroll processing and tax filings so you can focus on the productivity and growth of your business.
Flexible Benefits Systems Inc. designed Open Choice Retirement, a product to help advisors navigate the world of open architecture. Traditional 401(k) plans lock you into a plan structure with third parties that are set in stone. If these administrators don’t work out for you and your business, there is nothing you can do except change plans entirely.
Open Choice is different. Our five-step process matches you with great service providers in the retirement industry, and doesn’t require significant time or financial investment in order to get the plan up and running.
OPEN CHOICE Retirement in connection with your Payroll provider, has established a simple process when running payroll and 401k to create a fully automated process. 360 payroll integration will save the plan sponsor hours each month in entering data by providing your plans recordkeeper and third-party administrator employees and census information to update employee accounts, participant deferrals and annual testing.
How it Works each pay period your payroll provider sends OPEN CHOICE a payroll file including employee census, wages, deferrals, match and loan's, which we use to process 401k contributions for the current pay period. Employees have the ability to change deferral amounts in the your payroll system system.
When Does my payroll provider Communicate with OPEN CHOICE?
The OPEN CHOICE system pulls full census and employee contribution reports directly from the payroll system. Once your payroll has been processed, our in-house TPA loads the census and contribution amounts. The plan sponsor then receives confirmation. Contributions After the file is pulled and loaded into the system, OPEN CHOICE follows the ACH funding information we have on file for your plan.
Fee Schedule & Questions Please contact OPEN CHOICE Retirement at 216-906-2929 if you have any questions Advisor Relationship Each plan requires the use of a Financial Advisor. Whether you currently work with one, or need one assigned, OPEN CHOICE can assist in educating the plan sponsor on making that decision.