Spectrum Payroll360™ integrates major payroll providers to Spectrum’s retirement plan management system. This integration automates the data exchanges with an employer's payroll provider, thus eliminating data errors and removing administrative burdens. Census and contribution data is seamlessly and securely transferred for employers. Imagine - you never again have to upload files manually!
Spectrum Payroll360™ Requirement(s): Spectrum Sponsor Web
Spectrum Payroll360™ integrates employer 401k plans directly with major payroll providers. Every provider supports 180-degree integration, and many support full 360-degree integration with Spectrum's Retirement Plan Management System. What does this mean? Census and contribution data is transmitted automatically for employers every pay period. With 360-degree integration, employee contribution changes in Spectrum's Retirement Plan Management System are sent automatically and updated in the employer's payroll system. Spectrum Payroll360™ - It just works!
Spectrum Payroll360™ saves employers time and money, improves data quality, reduces retirement plan compliance issues, transmits data securely, is easy to setup, and provides for continuous monitoring.
Employers which operate bi-weekly payrolls can save dozens of hours per year with Spectrum Payroll360™. Here's how: No more payroll data extracts to review; No more websites to access; No more spreadsheets to upload; No more manual data entry; No more e-mailing employee hire and termination dates; No more salary deferral forms to manage; No more late deposits to correct; Spend less time preparing annual census and plan compliance data
With security breaches on the rise and becoming seemingly become commonplace, we help mitigate security risks. Spectrum Payroll360™ features bank-grade encryption, so sensitive data is transmitted and stored securely. No longer will you need to store sensitive payroll and employee data in unsecure spreadsheets. No longer will you need to upload spreadsheets to the retirement plan management system. Spectrum Payroll360™ - it just works.
We offer QuickStart guides for each supported payroll vendor, so employers can setup Spectrum Payroll360™ in less than 20 minutes. Spectrum Payroll360™ supports 180-degree or 360-degree integration with major payroll vendors including ADP, Ceridian, Gusto, Intuit, Paychex Flex, Paycom, Paycor, Paylocity, and Workday. We continue to explore integrations with other payroll providers.
Although we automated payroll data transmission, we keep employers in the loop. Employers are notified after data has been transmitted from the payroll vendor, and when an ACH pull is initiated to fund contributions and/or participant loan repayments. A monthly report is also available showing deferral rate changes, new loans, and financial hardship deferral suspensions.
We continously monitor payroll data transmissions and ACH processes to ensure transactions are processed timely.
Payroll data is transmitted within 2 business days after the pay period's check date.
ACH pull requests to fund contributions and/or participant loan payments are initiated within 3 business days after payroll data transmission.
Featuring seamless 360-degree / two-way communication with supported payroll vendors, salary deferral changes made in the Spectrum Participant Web are updated automatically in an employer's payroll system.