Today, Patriot Software announced an exclusive partnership with Vestwell to offer 401(k) plans with seamless payroll integration. Through this partnership, Patriot will expand its product offering and provide a fully integrated 401(k) solution to its small and medium-sized business customers through a co-branded, modern platform.
Often, integration with payroll is a leading barrier for small businesses to offer retirement plans. The exclusive Patriot and Vestwell partnership was designed to help small businesses by easing the administrative burden through streamlined automated payroll processing, taxes, and compliance, all in a cost-effective and user-friendly platform.
For many small businesses, the time and energy it takes to start—and then administer—a retirement benefit can be burdensome. However, with Vestwell serving as Patriot’s exclusive recordkeeper, Patriot’s customers will gain a fully end-to-end retirement experience: Allowing them to set up their payroll, choose a plan design, and seamlessly administer their benefits all in one platform.
Patriot will use Vestwell’s modern technology platform to automatically deduct retirement contributions from employee payroll, instantly enroll new hires when they become eligible for their plan, and process ongoing changes to contribution rates and employee details with ease.
Vestwell is proud to partner with payroll providers, such as Patriot, across the country to accelerate our mission of closing the savings gap. Currently, about half of private-sector workers do not have access to a workplace plan. However, making it easy for businesses to offer a retirement benefit can significantly increase employee savings. According to the How America Saves report, workers are 15 times more likely to save for retirement if they can do so through their job.
Right now, a majority of small businesses do not offer a retirement benefit of any kind. By giving Patriot’s customers access to a fully integrated, streamlined savings platform, their small businesses can join the fight to close the savings gap.
Small businesses deserve tools that allow them to focus on the work they do best. By ensuring that Patriot’s customers have easy access to a best-in-class retirement offering, this partnership is putting Patriot’s small business clients in the drivers’ seat for the very first time. Now, companies can offer a high-value retirement benefit without having to conduct an onerous search and set up process.
“Payroll providers play an integral role in closing the retirement savings gap,” said Aaron Schumm, Founder and CEO of Vestwell. “We’re thrilled to be the exclusive provider of workplace savings programs for Patriot and support their small business clients to offer the quality retirement programs they deserve.”
Both Vestwell and Patriot are guided by their understanding of what it means to be a small business owner. Speaking on why he founded Vestwell, Aaron Schumm explained, “I first came up with the idea in 2010, when we rolled out our own 401(k) at FolioDynamix to our own employees. Going through the process forced me to think ‘There has to be a better way to do this.’”
As an award-winning accounting and payroll software, Patriot’s product, brand, and mission align closely with Vestwell’s. By pairing both companies’ superior product offerings with their commitment to small business, Vestwell and Patriot will deliver an elevated retirement experience to small businesses across the country.
“This exciting partnership with Vestwell allows Patriot to expand our offerings and make it easier for our customers to offer 401(k) plans to their employees,” says Mike Kappel, CEO of Patriot. “At Patriot, we’re committed to providing fast, affordable accounting and payroll for business owners and their accountants to ensure their success. We chose Vestwell as our partner given their extensive experience in the financial services industry, innovative technology, and strong commitment to creating a lasting partnership.”