ADP Releases New Version of Payroll System

January 11, 2006 (PLANSPONSOR.com) - ADP Small Business Services has announced the availability of an enhanced version of its payroll offering for small businesses.

In the announcement ADP said EasyPayNet 5.0 allows users to tailor the payroll process according to their individual needs.   The pay input screens can be modified to match user input documents for faster entry.

Users input their payroll into the Web-based application, and EasyPayNet then calculates and pays employee wages, and pays and files federal, state and local payroll taxes. Users can choose to print their own paychecks, or receive signed payroll checks or direct deposit vouchers for their employees, according to the announcement.   Users can review payroll through on-screen audit reports before processing.

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EasyPayNet also includes the Data Access Suite, which enables small businesses to share payroll-related data with their accountant.   The application features a general ledger interface, electronic reports and generic data export capabilities that allow information to be transferred to spreadsheets or third-party accounting software packages.

Additional enhancements include automatic check voids, required field indicators on every screen, and new pre-fill options that automatically load payroll data into the system based on employee setup information.

For more informationcall 1-866-4ASK-ADP (1-866-427-5237), or visit http://sbs.adp.com .

DoL Requires Funding Notice for Multiemployer Pension Plans

January 10, 2006 (PLANSPONSOR.com) - The Department of Labor (DoL) has issued final rules requiring administrators of multiemployer pension plans to issue an annual notice of the funding status of the plans.

According to a press release the requirement falls under the provisions of the Pension Funding Equity Act of 2004 (See  PBGC Issues Guidance on Participant Notice of Underfunding  ).

The regulation requires that a notice be sent annually to multiemployer plan participants, beneficiaries, labor organizations, contributing employers and the Pension Benefit Guaranty Corporation (PBGC).   The notice must include basic financial information about the multiemployer plan, including a statement as to whether or not the plan is 100% funded.  

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In addition, the notice must provide a comparison of the plan’s assets to benefit payments, a description of the law governing insolvent multiemployer plans, and the benefits guaranteed under the PBGC’s multiemployer program.   The DoL included a model notice in the rules to aid in compliance for administrators.

“These rules will ensure that workers and employers receive important information about the funding status of their multiemployer plans and encourage sound funding so that sufficient assets are available to pay future benefits,” said Ann Combs, assistant secretary of labor for employee benefits security, in the release.   “The rules will result in greater transparency for individuals, employers and the government.”

The rules will be published in the Federal Register on Wednesday.

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