Why a retirement plan TPA is essential

A company’s retirement plan can increase retirement savings, reduce income taxes, recruit and retain top talent, and ensure full compliance with all government requirements. The right plan for a business’ unique needs could mean the difference between big savings and big headaches.

There isn’t a one-size-fits all plan – at least not a good one. So choosing the correct retirement plan should be done with the help of an expert third-party administrator (TPA) partner with vast knowledge of plan design, ERISA regulations, and business strategy.

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Aligning a plan with the company’s needs and goals in mind

Not only are no two businesses the same, even businesses in the same industry often have vastly different needs and goals when it comes to their retirement plans. A good TPA can step in and evaluate the needs of the business, create a relationship with the decision makers, and work to implement a plan that will run smoothly for them.

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Compliance, design, and consulting

A TPA will manage many of the day-to-day aspects of a retirement plan, bringing expertise on plan compliance, design and consulting. Administering the appropriate plan with the right knowledge is invaluable.

Whether you are a financial advisor or a business needing a plan, the TPA is key to success.

A TPA ensures that retirement plans meet legal and regulatory requirements but also comes with multiple benefits. Although a TPA’s primary focus is plan administration, they will provide practical answers to your questions and will help you navigate the complex rules and provisions of retirement plans.

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The list of things a TPA does for you is vast. Here are a few key benefits:

- Current plan auditing

- Day-to-day administration

- Guidance on plan design

- Form 5500 preparation

- Compliance testing and audit support

- 3(16) plan administration services

- Conversion support

- Plan document support

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A relationship built on trustThe relationship with a TPA consultant is crucial and will be based on trust, transparency, cooperation, and partnership. They are your primary go-to for questions regarding your plan. Having good communication is key and they will work closely with your financial advisor.

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Reach out to our team and we’ll help you and your clients get the best possible retirement plan!! Contact Us

This information is provided as general guidance and may be affected by changes in law or regulation. It is not intended as accounting or legal advice. If you have questions please reach out to our team.