We’re making payroll + 401(k) easier.
Next Generation Payroll has partnered with Human Interest, a 401(k) provider for small and medium-sized businesses, to add an affordable retirement service to your benefits offering. Human Interest reduces the burden of managing a 401(k) plan with easy setup and administration, recordkeeping, and streamlined onboarding for employees. Founded in 2015, Human Interest works with employers in all lines of work to provide retirement benefits to their employees.
benefits of a large-scale retirement plan with less of the hassle.
Human Interest offers a simplified, automated, and tailored 401(k) that delivers on the needs of small and medium-sized businesses, making easy and affordable for you and your employees.
The easier the better:
Easy Setup and Administration
Say goodbye to most of the manual work of setting up and managing a 401(k). We handle compliance, recordkeeping, and updating employee information every payroll cycle.
“No-Touch” integration with Next Generation Payroll
Human Interest’s integration with Next Generation Payroll reduces the burden of managing a 401(k) by syncing to payroll, processing contributions, and handling employee contribution rates changes.
Investment Education
Employees can access built-in investment advice with personalized features from an SEC-Registered Investment Advisor. The plan administrator has the option to choose and manage their funds or choose to work with their personal financial advisor.
Affordable, low cost investment options
We aim to keep fees low — and transparent — for both employers and employees. Employees can invest in low cost mutual funds across multiple asset classes and risk categories.
Continuous 401(k) account management
Human Interest provides ongoing support for administrators and employees. With our Concierge plan, customers will have access to a dedicated Account Manager.
Transparent Pricing
Human Interest’s 401(k) includes recordkeeping,
compliance services, full account setup, flexible plan design options, and reporting. Employers who sign up in time can also take advantage of up to $5,000 in tax credits for 3 years.
Additionally, a Human Interest Advisory Fee, typically 0.50%, is billed according to the Terms of Service, versus the industry average fees of 1.64% of account balances.
All prices are exclusive of applicable taxes.
Traditional providers vs.
Human Interest
Traditional providers have built their business on administering large 401(k) plans. They have not built the technology and automation required to efficiently run small plans. Human Interest’s fully automated 401(k) plans can be set up online without ongoing administration and less the cost of traditional 401(k)s.
With Human Interest, you'll receive
● Easy setup and administration with continuous account management
● Affordable, low cost investment options -2
● Transparent pricing and zero transaction fees -3
● Plan design flexibility
● “No-touch” 401(k) + payroll integration with Next Generation Payroll
1 Investment Advisory services are provided by Human Interest Advisors, LLC., an SEC-Registered Investment Adviser. Investing involves risk and may result in loss. Past performance is no guarantee of future results, and expected returns may not reflect actual future performance. Not an offer, solicitation or advice to buy or sell securities in jurisdictions where Human Interest Advisors, LLC. is not registered. For full disclosures, visit humaninterest.com/disclosures.
2 For information about Human Interest’s pricing, please refer to their Pricing Page, which describes the fees charged for administrative and advisory services. Fees for investment advisory services are billed according to the Terms of Service. Fees are typically up to 0.50% annually, and include custody fees. Mutual fund annual operating expenses are established by each individual mutual fund and disclosed in the relevant prospectus, as well as through fee disclosures provided to Participants. Mutual fund fees are embedded in each mutual fund’s net asset value and are
borne equally by each fund shareholder, including those plan participants who elect to purchase shares. The average fee for the mutual funds available through the Human Interest model is .07% per year, but is subject to change based upon the expenses set by each particular mutual fund.
Get Started with Your 401K Plans with Next Generation Payroll
Fill out the form below in order to get started with Next Generation Payroll today! If you have any questions, please contact us at (214) 396-2200.
Frequently Asked Questions
Absolutely, our team of experts does a great job of explaining the benefits and importance of investing for the future. In fact, our client’s employees participate at a rate of 70 – 93%. We are well above the industry’s 34% participation rate for a reason.
Businesses with up to 50 employees may be eligible for a tax credit to cover 100% of plan start-up costs, capped annually at $5,000/employer for three years.
Businesses with 51-100 may be eligible for a tax credit to cover 50% of plan start-up costs, capped annually at $5,000/employer for three years.
A fiduciary of a 401(k) plan is responsible for acting in the plan participants’ best interests, and could be liable if they fail to fulfill those responsibilities. When you choose a Human Interest 401(k) plan you have the option to delegate some of your fiduciary responsibilities to us. As the plan’s administrator and 3(16) Fiduciary Services provider, we handle the day-to-day operations and compliance-related tasks of your 401(k) and mitigate the plan sponsor’s liability.
402(g) Limit Reporting
404(a)(5) Notice Distribution
404(c) Notice Distribution
Annual Nondiscrimination &
Coverage Testing
Audit Package Preparation (if applicable)
Audit Firm Recommendations, if audit is required
Auto-Enrollment Notice Preparation
Beneficiary Designation Maintenance
Blackout Notice Preparation
Calculations and Processing
Census Review2
Contribution Rate Change Processing
Corrective Distributions Approval4
Corrective Distributions Monitoring
Death Benefit Approval4
Distribution Reporting
Eligibility Calculations and Notifications5
Employee Contribution Monitoring
Error Monitoring
ERISA Bond Review and Purchase4
Force-Out Processing
Form 5500 Preparation, Signing & Filing4
Form 8955-SSA Preparation, Signing & Filing4
Fund Change Notice Preparation
Hardship Distribution Processing
Hardship Distribution Approval4
In-Service Distribution Processing
In-Service Withdrawal Approval4
Investment Election Change Processing
Investment Fund Transfers & Rebalancing
Loan Approval4
Loan Default Monitoring
Loan Policy Administration
Loan Processing & Reporting
Lost Earnings Calculations
Participant Enrollment Processing & Assistance
Payroll File Aggregation2
Plan Amendment Preparation
Plan Document Preparation
Plan Document Restatement
QDIA Notice Preparation
QDRO Calculation & Processing
QDRO Determination & Approval4
Rate Change Monitoring & Reporting
Required Minimum Distributions Approval4
Required Minimum Distributions Calculation
Rollover Contribution Processing
Safe Harbor Notice Preparation
Summary Annual Report (SAR) Preparation
Summary of Material Modification Preparation
Summary Plan Description (SPD) Preparation
Termination Date Verification & Maintenance
Termination Distribution Approval4
Termination Distribution Processing
Upload Payroll Files2
Vesting Tracking
Website Access for Participants, Plan Sponsor, & Advisor
Year-end Data Collection & Review
Currently, there are 10 states that have legislation that mandates participation in a state-sponsored retirement plan in 2023:
California, Colorado, Connecticut, Illinois, Maine, Maryland, Massachusetts, Oregon, Virginia, and Washington.
The following states are implementing retirement saving programs that are scheduled to roll out in the next 1-2 years:
New Mexico, New Jersey & Vermont.
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