Recordkeeper is the term traditionally used for the plan’s investment platform and often the custodian of the plan’s assets. Often times the term “vendor” may be used for this role as well.
What Does a Recordkeeper Do?
In addition to offering the investment options on a platform for which the participants can invest their own contributions in the stock market, the Recordkeeper really provides the overall experience of the retirement plan.
Some of the general roles of the Recordkeeper are:
- Process employee enrollment
- Manage and track employee investments
- Log and track contribution types
- Generate 401(k) documents to be delivered to employees
- Offer robust websites so employees can manage their accounts
- Provide access to account statements and information
- Provide excellent customer support
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