ADP Offers Customers of All Sizes Smart Choice with Save Smart Feature; ADP Launches Offering of Auto-Pilot Savings Feature for Plan Participants.Business Editors ROSELAND, N.J.--(BUSINESS WIRE)--Nov. 10, 2003 ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information processing. (2) (Automatic Data Processing, Inc., Roseland, NJ, www.adp. (R), Employer Services (ES) division, a leading provider of integrated outsourced payroll and human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. services, today announced plans to make its automatic retirement savings feature Save Smart(SM) available to 401(k) enrollees and plan participants Plan participants Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan. in companies of all sizes effective January 1, 2004. With the Save Smart feature, employees can elect to have their tax-deferred 401(k) payroll deductions automatically increase in the future, typically, around the time of their next pay increase or on a specified date each year. This powerful automatic 401(k) savings tool is intended to help employees save more for their retirement on a pre-programmed basis. While variations of automatic savings features have been tried and tested by larger companies that sponsor 401(k) plans, ADP Retirement Services will now be making it available to plan participants of all of its small and mid-size clients. If elected, employees may choose to increase their contribution levels by 1, 2, or 3 percentage points each year, up to the maximum they want to save (subject to their plan limits), as well as select the month in which they wish the increase to occur. "We've found that when employees sign up for a 401(k) plan, they often fail to go back and increase their contribution levels even when they are financially able and willing to do so," said Kendall Kay, Vice President, Marketing, Strategic Planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. and Business Development for ADP Retirement Services. "Save Smart puts employees in control by allowing them to determine when and by how much they will increase their contribution levels. This increases their comfort level as employees can allocate a portion of their future pay raises toward their retirement savings without noticing much of a difference in their take home pay." The Save Smart feature helps employers provide yet another retirement planning Retirement financial planning refers to a collection of systems, methods, and processes which, in their aggregate, support a family unit's (client's) desire to achieve a state of financial independence, such that the need to be gainfully employed is optional. tool for employees to save more for the future in a convenient and painless way. Save Smart can be combined with existing ADP features, such as ADP's automatic Account Rebalancing Rebalancing The process of realigning the weightings of one's portfolio of assets. Notes: For example, if your portfolio's proportion of stock has grown too large for your intended assets weightings and risk tolerance, you might rebalance by selling some stock and putting , to help employees manage both their payroll deductions and retirement accounts. An added benefit of the Save Smart feature is that by making it available to participants at all levels, it may help employer plans to pass nondiscrimination non·dis·crim·i·na·tion n. 1. Absence of discrimination. 2. The practice or policy of refraining from discrimination. non tests. ADP will help employers to encourage Save Smart use by including information about it in enrollment materials and participant statements, and on sponsor and participant Web sites. "Most working people would agree that saving for their retirement is one of their top financial priorities," said Kay. "Employees look to their employers for convenient tools and services to help them achieve this. We think the Save Smart concept should be universally available to all employees in companies of all sizes. It is our goal to help employers to move the needle in the right direction - and enable their employees to save more for retirement." About ADP Automatic Data Processing Same as data processing. , Inc. (NYSE NYSE See: New York Stock Exchange :ADP) is one of the largest independent computing services firms in the world, with $7 billion in revenue and approximately 500,000 clients. ADP Employer Services (ES), a division of ADP, Inc., is a leading provider of integrated business administrative solutions that help its over 460,000 clients efficiently manage their internal processes, allowing them to focus on core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
HRMS High Resolution Microwave Survey (SETI, Project Phoenix) HRMS High Resolution Mass Spectroscopy HRMS High Resolution Molecular Spectroscopy HRMS Human Resources Management Specialist , benefits administration, time and labor management, retirement plan services, online recruiting, PEO services, and employment screening and selection. For more information about ADP Employer Services, or to contact a local ADP sales office, reach us at 1.800.225.5237 or visit the company's Web site at www.adp.com. |
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