What Does a TPA Do?Third Party Administrator should not be confused with Plan Administrator. The Plan Sponsor is always the Plan Administrator unless someone else is selected.
Some of the duties of a TPA
- Design the retirement plan so that it is goal oriented, but compliant with the legal requirements set forth by the DOL and IRS.
- Re-state and Amend the legal Plan Document
- Annual compliance testing, such as, discrimination testing
- Calculating vesting percentages
- Completing and filing the annual Form 5500
- Be a proactive consultant partner to the Plan Sponsor
- Partner well with the other members of the team!
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