Independent research on 243 HR & workforce products. Facts checked against vendors’ official documentation.

We may earn a referral fee. We may earn a referral feeHow we make money

LeadChange Group

Paychex Retirement Services Review

by Paychex

Paychex Retirement Services provides 401(k) plans, a pooled employer plan, solo 401(k) and SIMPLE/SEP IRAs, with recordkeeping, fiduciary options and Paychex Flex payroll integration. Pricing is quoted.

Company size
Small businesses, mid-market companies, enterprises
Pricing model
Quote only

Best for

  • Businesses that already run payroll on Paychex Flex
  • Small employers that want a pooled employer plan with Paychex as plan sponsor
  • Buyers who require ISO 27001 from their provider

Not ideal for

  • Buyers who want published 401(k) prices (plans are quoted)
By LeadChange Research TeamUpdated Facts checked
How we evaluated Paychex Retirement Services

This review rests on 13 facts checked against Paychex Retirement Services’s official pricing pages and documentation, most recently on . We did not test the product hands-on: the score and the pros and cons use only those verified facts, as our methodology explains, and third-party ratings are quoted, never scored.

Our verdict

Paychex Retirement Services is the 401(k) business of Paychex, a public company founded in 1971 with headquarters in Rochester, New York and Cincinnati, Ohio; it offers pooled employer, traditional, solo and SIMPLE/SEP plans. Pricing is quoted; Paychex states SOC 2 Type 2 reports and ISO 27001 certification.

Strengths

  • Recordkeeping scale

    Paychex reports serving over 130,000 retirement customers and $66 billion of retirement assets.

    Evidence: Participant recordkeeping: Yes

  • Fiduciary options

    Single-employer plans can add a 3(38) investment manager or a 3(21) advisor; in the PEP, Paychex acts as plan sponsor.

    Evidence: Fiduciary services: Yes

  • Payroll in one platform

    Paychex 401(k) integrates directly with Paychex Flex and connects with other payroll systems.

    Evidence: Notable integrations: Paychex Flex

  • Security certifications

    SOC 1 Type 2 and SOC 2 Type 2 reports and ISO 27001 certification.

    Evidence: SOC 2 Type II: Yes

Weaknesses

  • Quoted pricing

    Cost depends on business size and services; Paychex quotes each plan.

    Evidence: Price transparency: Quote only

Price at a glance

  • Pricing model

    Quote only

Paychex Retirement Services plans and prices

Quick answers

How much does a Paychex 401(k) cost?
Paychex does not publish 401(k) prices; cost depends on business size and services, and Paychex Sales quotes each plan.Based on Price transparency: Quote only
What retirement plans does Paychex offer?
401(k) plans including a Pooled Employer Plan, traditional and solo 401(k), SIMPLE and SEP IRAs, and multiple employer plans through Paychex PEO.Based on Modules: Pooled Employer 401(k) Plan (PEP), Traditional 401(k), Solo 401(k), Multiple Employer Plans (through Paychex PEO), SIMPLE IRA, SEP IRA
Does Paychex 401(k) work with other payroll providers?
Yes. Paychex 401(k) integrates directly with many payroll providers, including Paychex Flex.Based on Notable integrations: Paychex Flex
Is Paychex SOC 2 and ISO 27001 certified?
Paychex maintains SOC 1 Type 2 and SOC 2 Type 2 reports and lists ISO 27001 certificate IS 801702.Based on SOC 2 Type II: Yes

Coverage of core 401(k) providers capabilities

Each core capability we evaluate in 401(k) Providers, checked against Paychex Retirement Services’ own documentation. “Not verified yet” means we have not confirmed it either way, not that it is missing.

6 verified of 10 core capabilities

401(k) Providers

  • Plan design and document · not verified yet
  • Participant recordkeeping
  • Payroll integration
  • Investment menu and default investment
  • Fiduciary services
  • Compliance testing · not verified yet
  • Form 5500 support · not verified yet
  • Automatic enrollment
  • Participant notices and education · not verified yet
  • Fee disclosure

Specifications

Pricing

Price transparency
Quote only

Product

Modules
Pooled Employer 401(k) Plan (PEP), Traditional 401(k), Solo 401(k), Multiple Employer Plans (through Paychex PEO), SIMPLE IRA, SEP IRA
Mobile apps
Yes

Paychex Retirement Services integrations

Native integrations

Apps that connect to Paychex Retirement Services

Paychex Retirement Services integration coverage

The 4 apps that 401(k) providers products document most often, and whether Paychex Retirement Services documents each.

0 of the 4 most-connected apps documented by Paychex Retirement Services; median of the 5 products compared: 2

  • Gusto · documented by 3 of 5
  • Paylocity · documented by 3 of 5
  • Paychex · documented by 2 of 5
  • QuickBooks · documented by 2 of 5

Integrations each vendor documents (native, marketplace, Zapier or API), 5 live 401(k) providers products. Not documented does not mean not possible.

401(k) Providers

Paychex Retirement Services alternatives

Paychex Retirement Services alternatives

Security and compliance

  • SOC 2 Type IIYes
  • ISO 27001Yes

Implementation and support

Support channels
Phone, Paychex Flex Help Center
Support hours
Monday-Friday, 8:00 a.m.-8:00 p.m. ET (retirement services phone line)

About Paychex

Founded
1971
Headquarters
Rochester, New York and Cincinnati, Ohio, USA (dual headquarters)
Ownership
Publicly traded

Official profiles

All Paychex products

Paychex Retirement Services: frequently asked questions

How do I contact Paychex retirement services?

By phone at 800-472-0072, Monday to Friday, 8:00 a.m. to 8:00 p.m. ET.

Does Paychex act as a 401(k) fiduciary?

Paychex offers a 3(38) investment manager or a 3(21) investment advisor, and it is the plan sponsor of its Pooled Employer Plan.

Can a Paychex 401(k) use automatic enrollment?

Yes. Eligible businesses can add automatic enrollment to their Paychex 401(k).

Is there a Paychex 401(k) mobile app?

Yes. Paychex publishes a mobile app, and employers and employees manage plans and contributions in Paychex Flex.

What is Paychex Retirement Services used for?

Paychex Retirement Services is a 401(k) providers product built for small businesses, mid-market companies, and enterprises. Its modules include Pooled Employer 401 Plan, Traditional 401, Solo 401, Multiple Employer Plans, and 2 more.

Is Paychex Retirement Services legit?

Paychex Retirement Services is sold by Paychex, which was founded in 1971, is headquartered in Rochester, New York and Cincinnati, Ohio, USA (dual headquarters), and is publicly traded. Paychex states that it holds a current SOC 2 Type II report.

What are the pros and cons of Paychex Retirement Services?

Strengths documented on the vendor’s own pages: recordkeeping scale, fiduciary options, and payroll in one platform. It is less suited to buyers who want published 401(k) prices (plans are quoted).

Get Paychex Retirement Services pricing for your team

Paychex Retirement Services quotes its prices. Answer up to 4 quick questions and see it next to the 2 alternatives that fit you best; if a provider works with us, you can ask it for a quote.

LeadChange may earn a fee when you request pricing through our site or follow a sponsored link. Rankings never depend on whether a vendor pays us.We may earn a fee.

Get pricing

We may earn a fee.

Vendor? Reach buyers comparing Paychex Retirement Services