We hear a lot of conversations among clients and advisors debating the value of a 3(16) Plan Administrator. A 3(16) Plan Administrator is the fiduciary who manages the day-to-day administration of a retirement plan, not only performing traditional Third Party Administrator (TPA) services, but accepting…
…still eligible employees. If an employer only reports actual participants to the TPA, many of those TPAs don’t check. We insist the sponsor report all employees to us — even those they may believe are not otherwise eligible.” In other words, a trusted, reliable TPA…
Your TPA Partner Can Help You Win Business When it comes to the administration of retirement plans, most TPAs can execute the work pretty competently. And while there are differences in quality of process and internal expertise, most of this is technical work that happens…
…where a Third Party Administrator (TPA’s) responsibility begins – and where it ends – is critical. Hiring a TPA can be an expensive proposition, especially for smaller companies, who understandably are looking to save money where they can. But some companies offering 3(16) TPA services…
…fiduciaries have an obligation to ensure proper mitigation of cybersecurity risks. Key Items Responsibilities to manage cybersecurity risks Retirement account online basic rules to reduce the risk of fraud and loss Responsibilities to prudently select a service provider with strong cybersecurity practices and monitor them…
ERISA entrusts the care of retirement benefits and the proper operation of retirement plans to “fiduciaries” of the plans, such as the business owners who sponsor them. Fiduciaries who fail can face penalties and personal liability for plan losses. Attend this course to understand fiduciary…
How does an advisor benefit from partnering with a CEFEX-certified TPA? And why is it important? Listen in to find out more….
What does it mean for a Third Party Administrator to be CEFEX-certified?…
…nationwide, delivering among the highest level of expertise and technical support in the industry today. Our flexible arrangement can include an existing recordkeeper, trustee or investment manager. We take TPA services to the next level as a 3(16) Fiduciary Administrator. Our 3(16) Administrator services offer…
…a DC plan (at the cost of time spent on other aspects of his or her business) seem slim, we recommend looking at outsourcing such duties to a reputable third-party administrator (TPA). In addition to providing plan document services, compliance testing and Form 5500 preparation,…
…working in the field, one that offers fiduciary outsourcing and 3(16) administrative services. An independent ERISA Section 3(16) fiduciary relieves an employer of nearly all fiduciary liabilities for their plan. Why is it important to use a 3(16) administrative fiduciary for your plan? Because of…
…working to implement the changes that are required for recordkeeping and third-party administrator (TPA) firms. Please note, however, that in order to implement those changes, certain processes, procedures and controls need to change. Paperwork and sign-off statements need modification. Programming changes also need to be…