System and methods for group retirement plan administration

A method of providing group retirement plan administration to one or more sponsors, at least one sponsor having one or more participants enrolled in a retirement plan, the method comprising:

• electronically receiving contribution information from a sponsor;
• automatically updating a provider database based on the contribution information received from the sponsor;
• electronically transferring funds between at least one account associated with a sponsor and at least one account associated with a provider;
• electronically receiving investment allocation information from a participant;
• and
• automatically updating a provider database based on the investment allocation information received from the participant.

A group retirement plan administration system for permitting a provider to administer at least one group retirement plan for at least one sponsor, and at least one participant associated with at least one of the group retirement plans, the system comprising:

• means for electronically storing information associated with group retirement plan sponsors;
• means for electronically storing information associated with group retirement plan participants;
• means for electronically sending retirement plan contribution information from the group retirement plan sponsors to the provider;
• means for electronically communicating retirement plan information from the group retirement plan sponsor to the group retirement plan participants;
• and
• means for electronically communicating account information from the group retirement plan participants to the group retirement plan sponsor.