Pinnacle Collects Sponsor Data 2x Faster With Finch

Pinnacle Plan Design is a third-party administrator (TPA) specializing in 401(k) and defined benefit plans. Known for its collaborative, consultative approach, Pinnacle works closely with plan sponsors to ensure that retirement plans are not only compliant, but tailored to each employer’s unique needs.

But for years, one process consistently strained even the strongest sponsor relationships: collecting payroll and census data for annual reporting. 

With payroll integrations powered by Finch, Pinnacle can now collect annual census data in half the time, streamlining their process in PensionPro and significantly increasing client satisfaction.

“It’s the greatest thing since sliced bread — beyond phenomenal. We can grab the data exactly as it exists in payroll. The sponsor doesn’t have to compile anything. They just review and confirm.”

Friction in the data collection process

To meet IRS and DOL reporting requirements, TPAs like Pinnacle need access to complete, accurate payroll and census data. But collecting that data represented a challenge, as sponsors needed to follow a complicated, multi-step process that often left both parties frustrated. 

In order to deliver that information to Pinnacle, sponsors had to download the data from their payroll system and upload it to PensionPro. But this seemingly simple process is riddled with challenges. Some providers charge a fee for the data export, or deliver the data in multiple files; the data must be transformed to meet specific formatting requirements and naming conventions, leaving too much room for interpretation; and if even a single data cell is improperly formatted, the entire upload will fail. 

Unsurprisingly, many of the sponsors facing hours of manual work and technical hurdles were delayed in sending their census and pay data to Pinnacle — a major problem in an industry that is held to strict regulatory standards and deadlines. 

“There was too much room for error, because the sponsor was just sending us data to make sure they got it out. Once you start analyzing that data, you start seeing data that's not in good order, and it can snowball in the wrong direction very quickly," said Monica Martinez, ERPA and Retirement Plan Consultant at Pinnacle.

Turning point: The Finch + PensionPro integration

Pinnacle is one of more than 1,000 TPAs that uses PensionPro, a leading provider of retirement plan administration technology and official partner of Finch, as their primary operating system. The platform centralizes client, plan, and compliance data and uses automated workflows to help TPAs monitor compliance, complete annual reports, and consult with sponsors on how to get the most out of their plans. 

Now that they’ve partnered with Finch, Pinnacle can automatically pull census and pay data directly from the sponsor’s payroll system and feed it into PensionPro. Through Finch, the data is automatically formatted for the PensionPro system, so it arrives on-time and ready for review. And for sponsors, connecting their payroll system is as easy as following a few prompts in the built-in onboarding tool, Finch Connect. 

“It’s the greatest thing since sliced bread — beyond phenomenal,” said Monica. “We can grab the data exactly as it exists in payroll. The sponsor doesn’t have to compile anything. They just review and confirm.”

Less hassle, better data, happier clients

Pinnacle saw the benefits of using Finch almost immediately. The average time to collect census data has fallen by 43%, giving consultants like Monica more time to analyze each plan for compliance and compile year-end reports. 

“Last year at this time only about 70% of our clientele had turned in their data for year-end, and this year we’re already above 80% — so we know there’s a definite advantage here,” Monica said. “Before, the data was only as good as what the client delivered. With Finch, I know the data is good because I have reassurance that I got the information straight from the source.”

“Before, the data was only as good as what the client delivered. With Finch, I know the data is good because I have reassurance that I got the information straight from the source.”

And it’s not just Pinnacle that has benefitted — it’s the sponsors, too. 

“What we're there to do, first and foremost, is consult with the client and build the trust that when they work with us, we're going to be an ally for them,” Monica said. “Collaboration is a consistent theme for us, and bringing in resources like Finch adds to that collaborative effort. You don’t become a thorn in their side — you’re their partner.”

Looking ahead: Scaling the collaborative model

Looking ahead to this year’s filing deadline, Monica said she and the team at Pinnacle are eager to onboard more of their sponsors through Finch to find more opportunities for efficiency. 

“I had clients asking where to sign up as soon as we announced we were using Finch. They’re saying, ‘I don’t have to spend hours collecting, formatting, and uploading data?’ And we can say no, it’s already there,” Monica explained. 

“A great retirement plan will reflect people participating, staying engaged, from the plan sponsor down to the participant. Having tools that make everyone’s life easier is absolutely critical.”

Finch makes it easy for TPAs to securely, easily, and automatically access sponsor census and pay data directly from the payroll system. Our infrastructure supports TPAs directly, as well as other TPA software providers to deliver the best experience for sponsors, no matter the TPA’s tech stack. Learn more.