Unlike for-profit companies, those in the tax-exempt space can often have an array of retirement plan types to choose from. Often, when speaking with prospective clients, ADMIN’s team receives an array of questions from employers who are looking to find the plan that is best for them and their employees. With this in mind, we wanted to dedicate a bog post to help those in this unique retirement space determine what plan is right for you and how a TPA can help!
RETIREMENT PLANS WE SERVICE
ADMIN Partners is proud that we have settled into the niche market of tax-exempt and government retirement plans. Specifically, our clients fall into the following categories: Public Education, 501(c)(3) Non-Profit Organizations, Local and State Governments, and Church/Religious Organizations. These employer types also have a number of plan options to choose from based on the needs of their organization. Here are some of the plan types that we service: 403(b), 403(b) Special Pay, 457(b), 401(a), 401(k) and 403(b)(9) plans.
TAKEOVER VS. STARTUP
Another benefit of our experience in the tax-exempt and government market is our exposure to both takeover and startup retirement plans. Our team has worked with a number of employers who have had established retirement plans (or takeover plans) for years while we also assist newly established organizations who are adding a retirement plan (or startup plans) option for their employees. Within the 403(b) world, takeover plans can be a complex undertaking as they often have legacy assets involved and require more on the compliance side. While startup plans do not have this complex background, they do require some handholding to ensure that the Plan Sponsor and participants understand the aspects of their plan.
FIELDING BAD ADVICE
For years, the world of 403(b) plans was loosely regulated and while the regulations have tightened over the years (read more on that here), there is still a sense of uncertainty when it comes to retirement plans for tax-exempt and governmental entities. As experts in this market, ADMIN’s team has seen a variety of plans on the receiving end of inaccurate information/advice which has led them to make poor decisions for their organization. We have witnessed everything from 501(c)(3) non-profits with an ERISA 403(b) Plan who have the ability to be ERISA exempt, down to religious organizations falling into a 401(k) plan without the understanding of a 403(b) plan option. With this in mind, employers should be taking the time to consult with experts in their space in order to ensure they are offering a retirement plan that truly benefits their employees.
THE HELP OF ADMIN PARTNERS
With over a decade of experience in the retirement planning industry, ADMIN Partners has seen it all. Our background matched with our industry expertise has allowed us to support over a thousand Plan Sponsor clients in the administration of their retirement plans. Not only are we home to a team of dedicated employees who help both Plan Sponsors and Participants with their daily administrative needs, but ADMIN is also a go-to TPA resource in this marketplace for over 60 investment firms. Our relationships with these vendors and their affiliated financial advisors allow us to provide employers with an all-in solution for their retirement plan needs.
Want to learn more about ADMIN Partners and how we can help you find the retirement plan that’s right for you and your team? Contact us today at 877-484-4400 or at [email protected]