You may have seen us refer to ourselves as a non-producing TPA, but what exactly does that mean? Unlike other Third Party Administrators, ADMIN Partners does not sell investment products nor do we offer investment advice. While your Financial Advisor representative provides you with education on investments, ADMIN keeps our focus on plan compliance and administration. We use our knowledge and expertise to work alongside over 60 investment providers to provide you with the ultimate retirement plan solution.

Our fees vary based on the plan type, plan design, and the services we are providing to a client. To learn more about the service models offered by ADMIN Partners, you can view our Service Model comparison sheet here. You can also reach out to us directly to get a quote that is customized to your organization’s specific needs. To contact us, you can complete our Request A Quote form online, email us at [email protected], or call us directly at 877-484-4400.

In 2008, regulations surround 403(b) retirement plans drastically increased and since then, legislation has continued to demand more from Employers. From plan document design, to administrative responsibilities and even ERISA obligations, there is immense pressure on Employers to keep their plans in compliance. Working with a TPA alleviates this responsibility from the Employer so there is more time to focus on your organization’s mission. With over a decade of industry experience, ADMIN’s team easily absorbs the administrative burden that comes with a retirement plan. To learn more about some of the services offered by ADMIN and how we can help your retirement plan remain compliant, download our Plan Services Sheet.

The threat of an IRS audit exist for all retirement plans, both big and small. Over the years, ADMIN has seen a number of clients fall victim to an audit from the IRS. From failure to complete annual Universal Availability requirements to outdated plan documents to omitting, Employers can be penalized for a number of circumstances. These penalties can be costly to an organization. Fortunately, ADMIN is here to help! Our clients are supported by ADMIN’s team of experts in the event of an IRS audit. Our assistance includes written responses to IRS questions, data collection and if requested, ADMIN will provide a representative to accompany the client to the audit to discuss how the Plan is administered. To learn more about the threat of an IRS audit and how ADMIN supports our clients, check out our comprehensive blog posts on the topic: IRS Hot Buttons Part I and IRS Hot Buttons Part II.

Participants will work alongside their Employers and Financial Advisor(s) in order to establish an account with one (or more) investment providers approved within the Plan. Participants will use an Enrollment Form to establish the account with the investment provider and will then complete a Salary Reduction Agreement to begin making contributions from their paycheck.

Enrollment forms are used to establish an account with an approved investment provider within a retirement plan. A Salary Reduction Agreement (SRA) is used to initiate, change, or cancel salary reductions withheld from a participant’s paycheck and contributed to Plan on their behalf.

Once a participant has established an account with an approved vendor in the Plan, they will complete a Salary Reduction Agreement. This form should be provided directly to your Payroll/Human Resources representative so they can make the necessary deductions from you paycheck. Employers will provide a completed copy of the SRA form to ADMIN Partners for recordkeeping purposes..

There are a few ways that Employers can submit contribution funds to ADMIN Partners: 
ACH Push (Preferred): An ACH Push is an electronic method of sending money.  Sending an ACH push for contribution remittance typically takes 24 hours to arrive at the bank.  Clients prefer this method as it is a much faster and secure way to send money.
Federal Wire (Recommended): A Federal Wire is also an electronic method of sending money. Federal Wires are a real time submission of funds meaning that once the Fed Wire is sent from the sending bank, it arrives immediately at the receiving bank.  Generally, Fed Wires are a more expensive method of sending funds, but some clients do prefer this method due to its immediacy and security.
ACH Pulls (Recommended): An ACH Pull is an electronic method of sending money.  An ACH Pull is when the receiving bank requests an ACH debit or a pull from the sending bank.  An ACH Pull is only initiated at the instruction of the client typically through an email that contains the debit amount and the debit date. 
Checks (Not Recommended): While we do accept checks as a method of sending/receiving contributions, we do not recommend this method due to the large delay of getting employees retirement contributions invested at their respective investment provider. As checks have proven to be a slow, insecure, and an inefficient method of sending contributions, banks have started to move away from using checks as part of their standard operating procedures and prioritizing electronic methods of receipt.

ADMIN Partners encourages all of our remitting clients to submit their contribution data via our online web portal. Not only does the online portal allow Employers to submit their plan’s data with ease, but it also ensures that sensitive participant information is processed in a more secure environment. To learn more about our web contribution process, click here.