Intuit Inc. (Nasdaq: INTU) today announced new plans and services that make it easier for small business owners to administer employee benefits packages and stay in compliance with federal and state employment regulations. Intuit now provides its UniPlanTM 401(k) service and Section 125 Plans, along with its Pay Along the Way Workers' Compensation Service offered in connection with workers' compensation insurance sold by The Hartford (NYSE: HIG). The combination will further deliver on Intuit's "Right For My Business" strategy by providing mission critical services that go beyond accounting.
"Just as Intuit has done with accounting, we are simplifying the administration of employee retirement, benefits, and workers' compensation by integrating these services with Complete Payroll," said Lorrie Norrington, executive vice president, office of the CEO. "These are some of the biggest administrative hurdles facing any small business -- now Complete Payroll helps Intuit customers attract and retain employees, improve cash flow, and stay compliant with government regulations."
Intuit's UniPlan 401(k) service makes it easy and more affordable for employers to offer a retirement plan. Integrated with Intuit's Complete Payroll services, the plan makes available a broad array of investment options from world-class money managers including funds from Oppenheimer, T. Rowe Price, Fidelity Advisor, American Funds, and Van Kampen investments*. The service is tailored to suit client preferences (i.e., matching, profit sharing, discretionary contributions). Record keeping and administrative services include free fund re-allocation for participants, quarterly statements for employers and participants with year-end summaries, and contribution deferrals processed and transmitted electronically each pay period.
Intuit's Section 125 Plans enable employers to offer health insurance on a pre-tax basis, thereby increasing disposable income for employees and reducing payroll tax liabilities for employers. Offerings include Premium Only Plans (POP) and Flexible Spending Accounts (FSA) to help meet the diverse needs of employers and employees. Compliance and administrative services include customized plan documents, ongoing compliance reviews, annual discrimination testing and change of status support, and annual re-enrollment tools.
Pay Along the Way Workers' Compensation Service allows employers to pay for coverage incrementally, rather than paying up to a year in advance based on payroll projections**. The service, provided by Intuit in connection with workers' compensation insurance sold by The Hartford, one of the nation's largest and most experienced workers' compensation insurers, maximizes cash flow and helps reduce the administrative burden and costs. Premiums are calculated based on actual payroll data, which eliminates up-front deposits and minimizes year-end audit adjustments and unpleasant surprises.
Availability and Pricing
Intuit's HR benefits products and Pay Along the Way Workers' Compensation Service are currently available to Intuit Complete Payroll customers. Pricing and additional product information can be obtained by calling Intuit Payroll Services toll free at 1-888-206-5711, option 2, or at www.payroll.com
