Third Party Administrators

Let Third Party Administration professionals make the most of your employee retirement plan

Third Party Administrators develop custom retirement plans for your business. Unless you own a large company with the appropriate personnel, you should hire a retirement plan TPA to handle your employee 401(k) plan. Their expertise helps ensure that your pension plan grows and provides a real benefit to your employees.

Take your time in selecting a 401(k) Third Party Administrator; you want to find a pension TPA with which you can establish a long-term business relationship. After all, you're talking about your employees' financial security. Expect to go through these phases when working with a Third Party Administrator:

  1. Consult with the TPA about your needs for tax-deferred plans and employee retirement and savings benefits.
  2. After the consultation, ask the pension TPA to provide you with a proposal of the types of plans suitable for your company. Ask to see all provisions, including penalties and vesting schedules.
  3. After selecting a 401(k) Third Party Administrator, they will get IRS approval of your plan, provide all necessary employee paperwork, and work with you to get your employees enrolled.

Cut Through the Clutter: Get competing quotes from 401(k) providers now. 

Work with one of the larger, national pension TPA companies

You've probably seen insurance companies advertising their retirement plan services on TV. With a large company you get experience and expertise. However, you may also end up with a larger bill for plan administration.

Choose specialized retirement administrators

Some companies work solely in Third Party Administration. With one of these smaller companies, you often have more options in selecting a 401(k) provider.

Look for Third Party Administrators who do business in your state

The Internet makes it easy to locate a list of Third Party Administrators which are licensed in your state. You can do a quick comparison online and then call only those companies that offer the services you need.

  • Once your Third Party Administrator has all the paperwork for your plan, you should ask your company attorney to review all documents.
  • Don't think 401k TPA is only for large companies. Many retirement plan administrators work with companies with as few as 25 employees.



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