|Integrated Outsourced Service Provider Continues to Build on Experience and Strength of Offerings
ADP(R) Retirement Services, part of the Employer Services division, a leading provider of integrated outsourced payroll and human resources services, today announced that data collected by CFO magazine shows ADP Retirement Services is the No. 1 recordkeeper for 401(k) plans based on the number of plans served. ADP Retirement Services also ranked among the top 10 recordkeepers in relation to the number of plan participants.
The research results and subsequent rankings are based on data compiled by CFO in its annual survey of 401(k) service providers. Companies that take part in the survey are grouped into three categories - full service, investment only, and recordkeeping providers. The data contained in the survey was reported in the April and May issues of CFO, and reflect 2003 numbers as reported by the participants.
"These results show that ADP has established a clear leadership position within the retirement services industry," said Kendall Kay, Vice President, Marketing, Strategic Planning and Business Development for ADP Retirement Services. "One of the reasons we have been so successful in this arena is our commitment to service. We continuously respond to our customer needs, provide multiple methods for employee education to reinforce our service proposition, and extend our service portfolio to meet evolving market needs."
ADP Retirement Services has developed business alliances with industry-leading investment providers to offer a variety of defined contribution programs. These programs combine the strength of ADP's recordkeeping services, with partner companies' resources and talent, to offer flexible and comprehensive solutions that meet the needs of today's organizations. ADP also partners with a national network of Third Party Administrators (TPAs) to offer customized plan design solutions to its clients.
ADP's team of Implementation Specialists help educate employees about their plan and enable them to enroll with confidence. Plan participants also gain access to planning tools, including automatic account rebalancing and Save Smart(SM), which automates employee-elected increases to their tax-deferred 401(k) payroll deductions on a specified future date each year. For clients who desire a local relationship and assistance in ongoing education for participants, ADP can make available individual financial advisor support.