Why Partner with a Retirement Plan Third Party Administrator?

Qualified plan rules are complicated and are constantly changing.  Failure to effectively maintain your plan's required compliance can be costly.  Your third party administrator (TPA) can help you navigate these diverse rules so that your retirement plan maintains its tax deferred status and keeps your plan in compliance with ERISA, the Internal Revenue Code, and all DOL and IRS regulations.

Below are a few of the many items your TPA can help you navigate:

  • Plan Design including consideration of the benefits of a safe harbor design
  • Calculation of employer contributions
  • Annual required non-discrimination testing (where applicable)
  • Required IRS tax filings (5500)
  • Annual participant notices, including the new participant fee notice
  • Balance forward valuations
  • Proper loan/hardship distribution administration
  • Timely salary deferral deposit rule administration
  • Top heavy rules
  • Proper vesting calculations
  • Plan eligibility and entry calculations

Partnering with the plan sponsor to meet their retirement plan objectives will make your TPA one of your most valued relationships.

Posted on May 20, 2015 by Marla Shires, Account Manager-Retirement Plans


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