Capitalizing on New Legislation
A better way to manage MEPs & PEPs
NWPS manages MEP-based retirement plans for hundreds of churches. These institutions, often small in size, have limited budgets for payroll software. NWPS struggled to administer these accounts with their existing systems. ACH transactions targeting custodial accounts could not be grouped underneath a single MEP and needed to be processed on a client-by-client basis. This resulted in administrative overhead and additional gateway fees. Plan and eligibility rules were difficult to track and resulted in liability risk for NWPS and potential negative investment outcomes for the employees of their clients.
Systematizing Manual Payroll
7 Simple Machines worked collaboratively with NWPS to build a payroll integration manager. This cloud-native recordkeeping system reduced the administrative overhead for NWPS and its clients. Individual churches upload payroll files onto a custom-branded portal. Their unique data is scrubbed for errors, ensuring that each account remains compliant from payroll-to-payroll. Subsequently, ACH payments to custodial accounts are batched on a daily basis, reducing transaction fees. The platform allows NWPS to build its MEP business with confidence that it can profitably service current and new clients.
Additional Case Studies
Providence
Putting money in the right place
Financial Services + Technology Infrastructure
Contatto
In the heart of cardiology
Incubation • Healthcare
