As your payroll provider, July will assist you in calculating and withholding employee 401(k) deferrals, matching contributions and loan repayments and submitting them directly to your plan custodian.

Having your employee payroll data allows us to provide you with timely information important to enrolling participants in your plan.  We can provide projected enrollment calculations letting you know when to enroll new employees in your plan.

Because we know immediately when employees terminate throughout the year, we can automatically process termination distributions.

When employees request hardship distributions from your plan, you are required to suspend their 401(k) withholding for six months. At the end of the six month period, you are required to reinstate the employee deferral election.  As your one source provider for payroll and 401(k) administration, we can automatically handle this process.

Another way our integrated retirement and 401(k) solution save you time is by eliminating the need to provide us with employee census data at year-end for testing and compliance.  As your payroll provider, we will have this information at year-end.