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Intuit Adds 401(k), Section 125 Payroll Options

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NU Online News Service, Nov. 13, 2003, 12:12 p.m. EST – Intuit Inc., Mountain View, Calif., says it is building 401(k) plan services and Section 125 plan services into its Intuit Complete Payroll Service.

The new UniPlan 401(k) services will handle recordkeeping, distribution of quarterly statements for employers and plan participants; and processing and electronic transmission of contribution deferrals.

The Section 125 plan services will help employers offer health insurance through premium-only plans. Employers also can use the Section 125 services to offer flexible spending accounts. The Section 125 plan services package includes customized plan documents, assistance with compliance reviews, annual discrimination testing and annual re-enrollment tools, Intuit says.

Intuit also is working with a unit of Hartford Financial Services Group Inc., Hartford, to offer a service that will let employers pay for workers’ compensation insurance coverage incrementally, rather than paying up to a year in advance based on payroll projections.

Intuit introduced its Complete Payroll service in October 2002.