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…
…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…
…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…
…South Dakota is your best bet, while Business Insider and WalletHub give the nod to Florida; New Hampshire and Wyoming have also topped such lists in the recent past. For my purposes, I’ve divided the 50 states into five tiers, from “best” to “worst.” Drawing…
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…
…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…
…quality and transparency of investors’ relationships with investment advisers and broker-dealers. Under the SEC’s proposed “Regulation Best Interest,” a broker-dealer would be required to act in the best interest of a customer when making a recommendation of any securities transaction or investment strategy involving securities…
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?…
…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,…