3 min read
Dominion Payroll clients can now offer a meaningful retirement benefit without taking on traditional plan complexity.
Across the country, a growing number of states are requiring employers to offer a retirement benefit or facilitate their state-run savings program. These mandates are bringing new urgency to a longstanding problem: millions of Americans still lack access to retirement savings at work.
For businesses, compliance is only part of the decision. Employers also need a retirement benefit that works for their workforce without adding prohibitive costs, administrative complexity, annual testing and audits, or fiduciary responsibility.
For Virginia employers: Dominion Payroll’s home state of Virginia now requires businesses with five or more eligible employees offer a retirement benefit. RetirePath Virginia is the state-run option. Icon’s Portable Retirement Plan (PRP) offers a private-market retirement benefit with direct payroll integration, greater flexibility, and dedicated support.
Through a new partnership, the PRP is now available to all Dominion Payroll clients. The partnership gives businesses a fundamentally simpler way to meet growing retirement needs and, where applicable, state requirements, through the payroll experience they already use.
As a founding member of the isolved Network, Dominion Payroll has built its business around helping employers simplify payroll, HR, benefits, and workforce management. Adding the PRP extends that approach to retirement, giving clients a modern plan built for businesses underserved by the traditional 401(k).
Retirement Benefits Aren’t One-Size-Fits-All
The PRP was designed for employers that want to offer a meaningful retirement benefit without sponsoring an ERISA retirement plan.
Employers can give employees a convenient way to save directly from their paychecks, with the flexibility to decide whether and how much to contribute. Because the PRP is built around individual retirement accounts, employers aren’t responsible for nondiscrimination testing, Form 5500 filings, annual plan audits, or ERISA fiduciary administration.
The PRP fills that gap, making workplace retirement savings possible for businesses that might otherwise offer nothing at all
“Dominion Payroll understands that employers need retirement solutions that work for their businesses, not more complexity,” said Andrew Bruns, Head of Partnerships at Icon. “By bringing the PRP directly into the payroll experience, we’re giving Dominion clients a practical way to respond to state mandates, expand their benefits, and help more employees save.”
What the PRP Adds to Dominion Payroll’s Offering
The PRP gives Dominion Payroll clients a modern retirement plan designed around simplicity, flexibility, and employee ownership.
For employers, that means:
- A simpler path to offering retirement benefits. Employers can provide a meaningful benefit without taking on the responsibilities of sponsoring an ERISA plan.
- Flexibility in how they participate. Employers choose whether, and how much, to contribute. Matching is never required.
- An experience connected to payroll. Contributions move automatically from payroll into each employee’s retirement account.
For employees, it means:
- An easy way to save from every paycheck. Contributions happen automatically through payroll.
- A personalized, professionally managed investment portfolio. Icon is an SEC Registered Investment Advisor.
- A consumer-friendly experience for managing an account and tracking progress.
- A retirement account that belongs to them from day one and stays with them throughout their careers, with no rollovers required.
“Our clients count on us to help them find solutions that fit their businesses and support their people. Partnering with Icon adds a modern retirement solution that connects directly with payroll and gives more employers a practical way to help employees save for the future.],” said Joanne Ely, Vice President of Sales at Dominion Payroll.
Built Into the Payroll Experience
A benefit is easier to offer, and easier to use, when it works with the systems already in place.
The PRP integrates directly with Dominion Payroll’s isolved platform. Once an employer launches the benefit, contributions flow automatically from payroll into each participating employee’s account, without creating another manual process for the employer to manage.
That connection turns retirement saving into a natural part of payday.
More Access Starts With More Options
Expanding retirement access doesn’t require every business to choose the same kind of plan. It requires retirement solutions designed for the businesses the traditional model has left behind.
By adding the PRP to its retirement offering, Dominion Payroll can help more clients find an approach that works for their business. And when more employers can say yes, more employees have the opportunity to build long-term financial security at work.
Explore PRP
Interested in learning more? Connect with your Dominion Payroll representative or contact us at 804-355-3430 or customerservice@dominionpayroll.com.
