Does your current
Third-Party Administrator (TPA)...
provide you with clear and complete disclosures of any “indirect compensation” (in addition to direct-billed fees) they may be receiving from financial institutions relating to their services to your plan (as required by law beginning July 1, 2012)?
have credentialed, experienced administrators and consultants taking care of your plan?
prepare required complex nondiscrimination and compliance calculations and reports — instead of requiring that you prepare them yourself?
always have someone knowledgeable available to answer your questions?
prepare a signature-ready Form 5500, and electronically submit it to the Department of Labor’s “EFAST2” system?
work with a non-affiliated registered investment advisor who can help you monitor the plan’s investment options and performance, answer participants’ questions, and assist with enrollment meetings?
provide you with comprehensive annual administration reports in an electronic format?
maintain your plan’s legal document, ensuring that it’s kept current with all law changes as required by the IRS?
credit toward your plan administration invoices any “indirect compensation” received from investment product vendors, instead of retaining it as additional revenue?
include standard annual administration tasks such as Form 5500 preparation in the annual “base fee?”
not bill you for “cross-tested” contribution calculations in years when you don’t request them?
not bill you for eligible employees who don’t have account balances?
perform self-employment compensation and contribution calculations (if your company is a sole proprietorship, partnership, or LLC with Schedule C or K-1 income)?
administer your plan domestically, instead of directly outsourcing your confidential data overseas?
conduct reliable backups of your plan’s data?
