We believe that ADMIN Partners goes above and beyond when servicing our clients; however, we know that not everyone knows exactly what that means. Understanding the work that we do for our clients gives a better perspective on why it is essential to bring in a TPA for your retirement plan. With this in mind, we want to give some additional insight into how our clients utilize our services to better the compliance and administration of their plan. From administrative duties like maintaining important plan documents to alleviating daily tasks from the Plan Sponsor, our services can leave quite an impact.
For Part Two of this series we are going to look at some ways ADMIN Partners helps strengthen the overall compliance of our client’s retirement plans. In fact, our essential obligation to each one of our clients is to ensure that their plan is compliant; meaning the plan is operating within the rules and regulations set forth by the IRS and the DOL. Over the past 10 years, the 403(b) industry has greatly evolved which has only heightened the value of a TPA.
As one might expect, keeping a retirement plan compliant is heavily based on maintaining an appropriate level of documentation for all aspects of the plan. This means that there is a considerable amount of responsibility on a Plan Sponsor to ensure that forms such as the plan document, participant paperwork, and agreements (like an ISA) are up to date and on file. ADMIN Partners takes this duty from the hands of the Sponsor by obtaining and preserving all required plan documentation. Not only does this make it easier to ensure the plan is compliant with the current rules/regulations, but these documents also come in handy if a plan is ever audited by the IRS. In the event of an audit, the IRS will often ask for copies of items like Information Sharing Agreements or proof of Meaningful Notice. Our clients can turn to us at this time to assist them in providing whatever necessary.
Another, more unique, way ADMIN works to maintain compliance on our client’s retirement plans is by providing continuous education to the advisors, plan sponsors, and participants who are part of the plans. We find that by educating all of our clients, we build a stronger team of support for each plan. While it is our job to take on a lot of the administrative duties for our clients, we still believe in the importance of our Plan Sponsors understanding the ins and outs of their plan. We also want all Sponsors and participants to maximize on the benefits available to them in the plan. What better way than to give them the tools necessary to do so? With this in mind, we encourage our clients to follow us on social media & to subscribe to our blog where we post weekly content on industry updates. We also encourage our clients to work with ADMIN team members to learn more about their plans during their day to day interactions. Have questions? We are here to help!
Questions on how to utilize the services of ADMIN Partners? Give us a call at 877-484-4400 for all your answers.