Recently, we have been sharing a lot of industry insights on the blog as they relate to 403(b) Plans and the role that a TPA like ADMIN plays. This week we want to shake things up a bit and take you inside the operations of ADMIN Partners.
There are a few departments within our Operations Team, all of whom work diligently to keep our Plans in compliance. Each department is focused on creating lasting relationships with the plans sponsors and participants in order to build trust with our teams, provide plan education, and to guide each person through the ins and outs of their retirement plan. This week we are going to take a closer look at each of these services to better demonstrate the ADMIN experience.
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You might find that some TPA firms will provide you with a plan document and then send you on your way, but ADMIN refuses to take that approach. We value the idea of educating both the plan sponsors and the participants of a retirement plan to ensure that they understand the design of their plan and the benefits that are available to them. To do this, we create up-to-date educational materials that we share every week on our social media platforms. The ADMIN Client Service team also developed a new video series, ADMIN Partners With You, which provides all of our clients with a better understanding of the provisions within their retirement plan.
Continuously educating our clients allows us to build a trusting relationship with each one and ensures the compliance of their retirement plan. It also helps plan sponsors (for ERISA plans) during their year-end process and gives them the confidence to tackle an IRS audit if one ever presents itself.
When it comes to supporting our clients, ADMIN Partners takes a hands-on approach from the very beginning stages. When first introduced to ADMIN, our Sales team makes sure that the plan sponsor is familiarized with our services and our pricing before they sign on the dotted line. This is to ensure that there are no surprises or unanswered questions once they become a client. We continue a high level of service within our New Business team who holds the client’s hand as they proceed through ADMIN’s implementation stage. It’s here where we work with the plan sponsor to design a plan document that best fits the needs of their organization.
Once the plan is implemented, ADMIN’s Client Service team gets their time to shine. Each member of the team dedicates their time to providing the same hands on approach whether it be helping a participant who is requesting a disbursement from his/her account or walking a plan sponsor through their Universal Availability requirements. It’s service like this that preserves our valued relationships with each one of our clients.
Stay Tuned: Later this week we are going to take an even deeper look into ADMIN’s operations by finding out what type of experience you get when you call our office and by answering the question: is there a plan too big or too small for us?