MPAY Inc acquired the Dyatech Payroll Services, LLC clients and their contracts effective July 1, 2015. MPAY Inc provided the payroll software that Dyatech Payroll Services, LLC used to process payroll for their clients. Therefore, the transition was seamless. There was no data conversion with this purchase, as the clients continue to have access to their payroll data via PayEntry.
With the continued growth over the years, Dyatech has amassed over $2 Billion in clients 401(k) assets.
Dyatech got its start in 2001, providing recordkeeping services to corporations nationwide. Dyatech started with one employee and has grown to over 80 employees all based out of our Ridgeland, MS corporate office. Dyatech has grown the client base of 401(k) plans to over 8,500.
As part of our commitment to provide you with the most competitive administration services available, Dyatech is pleased to announce the launch of our newest product, PlanLink.
PlanLink is your answer for high-quality third party administration services. Through our partnership with industry leader The Hartford, Dyatech will provide TPA-only services for your retirement plans.
For a low annual fee, your clients receive the same customer-friendly, knowledgeable advice and service as your local providers at a fraction of the cost. PlanLink is just $350 to setup and $750 a year. There are no per participant or eligible employee fees.
Dyatech is committed to giving you a competitive edge in today’s market through low-cost, high-quality administration services. PlanLink is another tool for you to reach more prospects so you can make them valued clients. Bundled with our full-service recordkeeping platforms, PlanSolo, PlanExpress, PlanSelect and PlanAdvisor, Dyatech is positioned to provide you with a full array of retirement plan administration products.
Beginning March 28, 2005, new mandatory rollover rules go into effect for distributions from qualified retirement plans. These new rules make an IRA rollover the default distribution option for small distributions to participants who fail to elect how their distribution should be paid. When a retirement plan participant terminates employment the plan is allowed to distribute the participant’s vested balance without the participant’s or the participant spouse’s consent if the participant’s vested balance does not exceed $5,000 and the participant has been given the opportunity to elect to receive payment of the amount or roll over the benefits without tax or penalty to an individual retirement account.
In the past, many Plan Sponsors simply did involuntary cash-outs by issuing a check, net of 20% federal income tax withholding, directly to the participant. Beginning March 28, 2005, mandatory distributions of more than $1,000 but not more than $5,000 must instead be rolled over to an IRA established for the participant if the participant fails to elect to cash distribution or a rollover following receipt of an explanation of the automatic rollover provisions.