CoPilot by PAi Retirement Benefit Plans
CoPilot by PAi Retirement Benefit Plans
Affordable, customizable, and automated retirement benefit plans for small to medium-sized businesses.
Why CoPilot?
Offering a retirement plan to your employees is a big step—one that can feel daunting. PAi’s integration with Zenefits payroll makes the contribution process automated, saving you time and providing a stress-free experience.
Copilot (powered by PAi) offers flexible retirement plans and plan administration to meet your organization’s needs. PAi’s services accommodate companies of all sizes—from those with a single employee to those with hundreds of plan participants. No minimum employee counts or minimum account balances required.
PAi, an industry-leading provider for retirement services, currently serves over 17,400 employers, 183,300 participants, and over 600 firms.* We work with thousands of Financial Advisors and CPAs to offer retirement plans across the country. We’ve also successfully partnered with one of the nation’s largest banks—allowing you to find the best fit for your company’s needs.
Since 1983, PAi’s vision of helping people prepare for retirement has been at the forefront of all we do:
A world where workers own their retirement readiness.
Integrating 401(k) with Payroll
We know small business owners are constantly looking for ways to save time. Streamlining benefit and payroll processes by integrating 401(k) with payroll is a great way to do exactly that.
When your payroll system and 401(k) administration are integrated, employee information, such as contribution rate or hours worked, flows between the two providers seamlessly and efficiently.
- Saves time and money by eliminating the need to manually enter data twice, so you’ll have more time to focus on your business.
- Reduces errors by automating the transmission of contributions and collection of required data.
- Minimizes administrative tasks for you because PAi makes it easy to track participant eligibility, enrollment, and loans. Any changes made by the employee are automatically sent to the payroll provider.
- Timely investment of employee 401(k) contributions are made because PAi can quickly and easily make the necessary retirement plan payroll deposits. Non-payroll integrated plans may run into DOL/IRS compliance issues with getting contributions in on time due to lack of efficient and automated payroll deposit processes.
Frequently Asked Questions
What does a "no-touch" integration mean?
That means that businesses who use Zenefits’ payroll software will be able to offer a CoPilot (powered by PAi) 401(k) to their employees without any manual work that’s involved in managing a company’s retirement plan, such as updating contributions amounts, sending out compliance notifications, etc.
Is a 401(k) better for small businesses than an IRA?
A traditional 401(k) plan offers several advantages over SIMPLE IRA’s and SEP IRA’s when it comes to setting up a retirement plan, even for owner-only businesses. The employer enjoys much greater flexibility in the design of the plan—including eligibility requirements, vesting schedules, employee loan options, and employer contribution decisions. Plus, employers may be able to choose whether to offer a guaranteed product within their 401(k) plan as well.
Learn more here: https://www.pai.com/small-business-401k
What tax credits are available to employers?
Businesses starting a 401(k) or other retirement plan may be eligible for tax credits including:
1) The Retirement Plans Startup Costs Tax Credit, which allows eligible employers to claim 50% of their ordinary and necessary startup costs up to $5,000 per year for up to three years. Employers may choose to start claiming the credit in the tax year before the tax year in which the plan becomes effective. Expenses incurred by employers to educate employees about the plan are also eligible.
2) There is a tax credit for new and existing 401(k) plans when they add an auto-enroll feature. The value of that tax credit is $500 per year for three years (a total of $1,500).
Why should I offer an employer match? Do I have to?
Outside of the tax deductions given to employers for making contributions to their employees’ retirement accounts, the employer match is a powerful recruiting tool to attract top talent.
No, employers are not required to provide a match, though many do. Matching can be a powerful incentive for both hiring and retaining talented employees and there are major tax incentives for employers that offer a match.
Do I have to offer a retirement plan?
Many states have passed legislation regarding retirement plans—and have upcoming registration deadlines. It’s more important than ever to figure out what’s required of your business, as well as to find the best retirement plan for you and your employees.
Which states have passed legislation?
Since 2012, 46 states have either implemented a state-based retirement savings program, studied program options, or considered legislation. Today, there are 14 states and two cities that have enacted new programs for private sector workers. Of that number, five states have an active program.
If you work or have full time employees in California, Illinois, New Jersey, New York, or Oregon, there is active legislation and states with upcoming deadlines.
How do I set up the CoPilot integration?
To complete the CoPilot sync, please reach out to 800-236-7400
