No longer the paper pusher for 401(k) administration
September 12, 2022

No longer the paper pusher for 401(k) administration

Katie Stafford | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User

Overall Satisfaction with Human Interest

Human Interest has been a seamless integration into our payroll system and has virtually eliminated all of the in-house administration of our 401(k). Human Interest is doing the job that three companies did prior to our enrollment. No more notices, filing annual reports, sending out quarterly open enrollment documents, or updating payroll. It's maybe less customizable than other plans, but the basic plan seems to be very simple and understandable for all employees to use. I highly recommend it to any small business looking to implement a 401(k).

Pros

  • 401(k) administration
  • Payroll integration
  • Seamless employee engagement

Cons

  • Can only invest by % of salary - would be great if you could enter a dollar amount contribution as well
  • Administrative fees decreased
  • Easier administration from 3 vendors to 1 vendor (all-in-one solution)
  • Increased enrollment with the ability to change elections at any time without any time spent on administration of the change
I haven't needed to contact support since implementation 4 months ago. The process was very simple, considering we were transitioning over an existing 401(k). The biggest challenges were associated with our former provider and getting them to supply the information needed.
Human Interest seamlessly integrates into Zenefits, our current payroll provider. Enrollment is automatic when an employee is onboarded, and changing contributions is so easy. There isn't any administration beyond making sure that the payments withdraw each month. The administration really is so easy, and the interface walks you through everything.
We were switching payroll and 401(k) at the same time. We evaluated both ADP and Paychex for both solutions and, in the end, opted for a different payroll provider and the 401(k) only made sense if payroll was through the same provider. Vanguard has a nice platform, and it was the alternative vendor for our current investment manager. In the end, Human Interest offered a package for all 401(k) services with one provider - Vanguard would have meant still maintaining several vendors and doing more administration ourselves. We wanted to eliminate administration.

Do you think Human Interest delivers good value for the price?

Yes

Are you happy with Human Interest's feature set?

Yes

Did Human Interest live up to sales and marketing promises?

Yes

Did implementation of Human Interest go as expected?

Yes

Would you buy Human Interest again?

Yes

Human Interest is great for small businesses in the 50-100 employee range. The administration is simple and takes all of the burdens off of the company. It isn't as flexible in design as a self-designed plan, so if you want a more customized investment option, it might not be for you. However, it's simple and easy to understand, and enrollment has been very smooth for employees with varying computer skills.

Comments

More Reviews of Human Interest

  1. Home
  2. 401(k) Software
  3. Human Interest Reviews
  4. User Review of Human Interest