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.
In Part One of this series we are going to look at two ways ADMIN Partners alleviates the daily burdens that weigh on the shoulders of a Plan Sponsor. One of the goals that ADMIN has when working with our clients is making the life of the Plan Sponsor easier which, in turn, allows them to place their focus on the important business they do for their organization.
Requests from participants can be a time consuming tasks for a Plan Sponsor. Not only is the Sponsor required to ensure the participant completes the appropriate paperwork for the vendor(s) of the plan, but there is also the responsibility of ensuring the request is permitted within the terms of the plan document. For example, if a participant request a loan from their account: Do they have any outstanding loan balances? Have they previously defaulted on a loan within the plan? Does the amount requested exceed the maximum amount allowed by the plan? These are all questions to be considered. Assuring the request is permitted by the plan can become even more tedious when there are multiple providers involved. This is where ADMIN gets to shine. Not only do we take on all participant level requests, but we also provide the stamp of approval (or denial) on the request before it gets into the hands of the vendor(s). We also maintain legacy accounts for those plans who have assets within a variety of vendors so the legwork of determining historical activity for a participant’s account with each vendor is performed by ADMIN.
Similar to participant requests, contribution processing can be a burdensome function for a Plan Sponsor. This is especially the case for plans with multiple investment providers as each provider requires a separate deposit of funds for the investment of contributions. To ease this obligation, ADMIN Partners offers contribution remittance which saves the Plan Sponsor both time and frustration. Rather than sending a multitude of payments to the various vendors, the Plan Sponsor can simply send one ACH to our custodian who will then remit the individual contribution payments to each provider for investment. ADMIN also maintains accurate recordkeeping for all of the payments processed as well as the Information Sharing Agreements with each vendor, but more on that later this week.
Stay tuned for Part Two where we look at the services ADMIN provides which strengthen the compliance of our client’s retirement plans!