PensionPro Announces Partnership With Payroll Integrations to Support TPAs
Plus, July Business Services acquires Acuff to strengthen its administration and actuarial services.
PensionPro Software LLC, a provider of workflow automation software for third-party administrators, announced it is partnering with startup Payroll Integrations, which offers benefits automation, to accelerate year-end testing for TPAs.
“TPAs are required to ensure the data they collect on retirement plan participants is accurate, and much of the industry is collecting this information manually, which not only takes time but introduces the possibility of data-entry errors,” said Darren Conner, chief operating officer of Harrisburg, Pennsylvania-based PensionPro, in a statement. “We’re making accurate census collection effortless, eliminating a pain point often felt by plan sponsors and retirement plan administrators.”
The collaboration will integrate Payroll Integrations’ TPA Connect Platform into the workflows of TPAs, which collectively manage more than 230,000 plans using PensionPro. Featuring pre-built integrations with major payroll companies and benefits providers across the U.S., TPAs can connect with these providers to access payroll and employee census data.
“There’s no reason that TPAs should still manually be going from employers to providers to gather data, only to spend hours sifting through the data to ensure its accuracy—there are other, higher-level tasks that they can be focused on instead,” said Doug Sabella, CEO of Payroll Integrations, in a statement.
In separate news related to third-party administrators, July Business Services Inc., a Waco, Texas-based provider of 401(k) plan services to small and midsize employers, announced the acquisition of Acuff & Associates, a TPA for defined contribution plans and actuarial consulting services based in Brentwood, Tennessee.
The July team will be integrating Acuff workers, the majority of whom have professional qualifications working with retirement plans, according to a Thursday announcement.
“We are thrilled to welcome Acuff to the JULY family,” said John Humphrey, CEO of July Business Services, in a statement. “Acuff is uniquely poised to strengthen our administration and actuarial services, as they focus solely on these two areas.”
Acuff is July’s second acquisition in 2024 and fifth since the beginning of 2023. With the Acuff acquisition, July has grown to service more than 8,500 clients, with approximately $12 billion in plan assets and 215,000 plan members.
“This partnership is a natural fit, as both of our organizations share a dedication to client service and innovation in the retirement plan industry,” said Trina Gross, Acuff’s chairman and CEO, in a statement.