We believe everyone should experience the JOY and FREEDOM retirement brings! We hold this mission statement in such high regard it drives everything our company does today as it has since our inception in 1975. What inspired our company’s start back then? The Employee Retirement Income Security Act of 1974, more commonly referred to as “ERISA”, which we anticipated would greatly improve the retirement plan opportunities for businesses. In short, this legislation regulates employer-sponsored benefit plans such as retirement plans and continues to guide our industry as Third Party Administrators.
Our company’s story began May 15, 1975 as a partnership in Sherman Oaks under the original business named Truog-Russon. Five years later, it was renamed to Truog-Ryding Company, Inc., a name it held until 2007 when the more familiar name, The Ryding Company, was unveiled. Since those early years, our firm’s coverage has expanded across the nation, spanning 41 of the 50 states. Despite the geographic expansion of our client-base, our firm continues to focus on RELATIONSHIP BUILDING with clients and business partners. To that point, we are proud to state we continue to partner with clients who have been with us since our doors first opened. Similar to the retirement plans we administer, we care about our clients and commit ourselves to those relationships for the long haul.”
What about our firm sets us apart from other TPAs – especially those who vary in size and service offerings? To answer that question, we like to highlight a few differences in particular.
After engaging with our Sales and Marketing representatives, we immediately introduce our New Business team whose sole purpose is to ensure proper and timely coordination occurs between the plan. During this time, there are a number of groups that rely on one another to set the plan up such as plan sponsors, financial advisors (FA), recordkeepers, certified public accounts (CPA), brokerage firms, and former TPAs. We take a proactive role in coordinating with your carefully selected partners to ensure your plan is set-up as intended. We also join every on-boarding call with FAs and recordkeepers assuring the plan stays compliant during the process. When on-boarding is complete, this department coordinates a warm transfer to the long-term administration team. This leads to the next differentiator.
Each and every plan is assigned a single point-of-contact that the plan sponsor can reach out to at any time. The benefits of having an individual contact include their ability to have intimate knowledge of the plan as they are responsible for every element of its annual administration. This also ensures our clients will not be transferred to multiple departments before having their questions addressed; on the contrary, a single call to the plan’s consultant will either lead to an immediate answer or a prompt follow-up. For our plan sponsors in different time zones, we maintain our high level of responsiveness. Ultimately, this approach to plan administration provides plan sponsors with an unparalleled level of service and access.
Client Relations Department
When it comes to administering a retirement plan, we know the importance of re-evaluating the structure and plan design periodically to accommodate changes an organization may have gone through. This is where our client relations department provides two main function. First, the department provides a high-level discussion of the plan through the use of Annual Plan Reviews. The department also provides plan sponsors an opportunity to take a closer look at the day-to-day functions they need to know during the Plan Sponsor Workshops.
Perhaps one of the most beneficial differentiators of our firm is our cost transparency relative to TPA revenue sharing. If you’re not familiar with revenue sharing, here’s a brief article on the topic written by the American Society of Pension Professionals & Actuaries entitled, “Solving the Mystery of TPA Revenue Sharing Arrangements.” Typically, our firm’s stance is to reduce the annual administration cost with the revenue sharing we receive from record-keeping partners. The size of the offset does vary based on recordkeeper and plan assets, but we’d love to speak with you about how your plan would be impacted (contact sales staff)
At The Ryding Company, we consider our employees the foundation of our business. Their passion for retirement plan compliance, their ability to build long-term relationships with clients, and their desire to develop professionally enable our firm to grow consistently as they do. We love our employees and seek to provide them career opportunities that not only suit the business needs, but our employees’ interests and skills as well. We know our clients appreciate the care they receive from our staff and our staff consistently seeks ways to add value that is meaningful to our clients.