Finch partners with PensionPro to revolutionize 401(k) administration

We’re thrilled to announce that Finch has partnered with PensionPro, a leading provider of retirement plan administration technology used by hundreds of third-party administrators (TPAs). Through this collaboration, Finch and PensionPro will revolutionize the administrator–sponsor relationship across more than 200,000 plans by making it easier for TPAs to securely access the data they need while providing a superior sponsor experience.

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Finch is proud to announce that we've partnered with PensionPro, a leading retirement plan administration platform used by more than 1,000 third-party administrators (TPAs). Through this collaboration, TPAs will be able to seamlessly access sponsor data directly from their payroll systems, eliminating manual work, significantly reducing data errors, and streamlining plan administration. 

The challenges associated with accessing timely, accurate, and standardized employer data have long plagued TPAs and recordkeepers alike. For decades, the norm has relied on manual data entry or bulk file transfers via SFTP, both of which are time-consuming, costly, and impossible to scale. As the industry sees an influx of new plans in the wake of SECURE Act 2.0, TPAs need a fast, reliable, secure way to collect sponsor data.

“Accurate payroll data is critical to TPAs and this partnership gives them an automated solution for acquiring that data for their administrative workflows. Finch has a great product and relationships with a large number of payroll providers that will power efficiency for PensionPro customers,” said Darren Conner, PensionPro’s Chief Operating Officer.  “We are excited to partner with Finch to broaden the connected solutions available to TPAs and help evolve the way they work.”

“This partnership is a major win for the retirement industry. For too long, TPAs and recordkeepers have been bogged down by manual, inefficient processes because they had no alternative,” said Jeremy Zhang, Co-Founder and Chief Executive Officer of Finch. “We’re excited to work with leaders like PensionPro to modernize this industry so TPAs can focus on providing the best possible service to plan sponsors.”

The Finch and PensionPro partnership

Finch and PensionPro’s partnership will automate the collection of critical sponsor information, including payroll and census data, through Finch Connect. Once the sponsor has authorized the connection, the TPA can automatically pull data directly from their payroll system and into PensionPro’s platform. 

TPAs can onboard sponsors by embedding Finch Connect within their client portal or by simply inviting them to use Finch Connect with a link. The sponsor only needs to log in to their payroll system through Finch Connect, select the data they wish to share, and authorize—a process that can take as little as 30 seconds. Unlike SFTP connections, the sponsor doesn’t need to track down company IDs, configure unique divisions of data, or map corresponding data fields.

Finch supports integrations with leading payroll providers like Gusto, Quickbooks, ADP, and Paychex through a direct API connection, which allows us to facilitate fast data delivery and to standardize the data from each provider to match the format used by the PensionPro platform, eliminating the need to manually format incoming sponsor data. 

For TPAs that use PensionPro, this partnership offers a secure, reliable, accurate way to pull sponsor data directly from their source of truth, eliminating manual workflows and reducing the risk of human error. The data is refreshed with each pay cycle, ensuring administrators have all of the data they need when they need it, reducing the risk of missed deadlines and noncompliance. 

In turn, sponsors benefit from far less administrative responsibility: once they’ve authorized their connection, they don’t need to routinely send files to their TPA, creating a better, more streamlined service experience.

Modernizing the retirement industry

At Finch, we’re building the Open Employment Ecosystem—a future state of employment technology in which the various systems employers use to manage their workforce are connected through shared infrastructure. For the retirement industry, that means democratizing TPAs’ and recordkeepers’ access to payroll and census data without manual efforts or complex file sharing protocols. 

Together through our partnership, Finch and PensionPro are extending that access to more than 1,000 TPAs.

Modernizing the retirement industry has a far-reaching impact that will benefit administrators and sponsors alike. Plan administrators can work more effectively and efficiently, freeing their time to focus on more strategic initiatives and client services. At the same time, removing the administrative burden on sponsors makes retirement plans more affordable and accessible, especially for the small businesses without robust HR departments. 

Get started with Finch 

Finch makes it easy to automatically import sponsors’ pay and census data directly from their payroll platform. To learn more about how we can support your business, talk to our Sales team.