From the beginning, we have been guided by the principals of honesty, integrity and the highest professional standards. Each team member lives and breathes these core values. Our focus is on you, the client.
Whether you are a Plan Sponsor, Plan Participant or Investment Professional, you will receive dedicated service and uncompromised commitment to exceed your expectations.
How You Benefit From A Third Party Administrator (TPA)
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Our job is to ensure accuracy and compliance for your retirement plan. We verify and review:
- Participant deferrals
- Employer calculations
- Errors associated with participant accounts
- Oversight of contributions, reports and fees assessed by an investment company
This level of reconciliation is not performed by any other entity including your investment company (full service or unbundled) or the Plan auditor. When not performed, it creates the possibility that errors may exist in participants’ accounts. (Under funding of participant accounts can result in penalties and interest; over funding can force the employer to make similar contributions to other participants if not rectified.)
We use several sources of information to verify the accuracy of an individual’s account. We don’t simply import data into a software program; we rely on the expertise of a highly trained staff member with real knowledge of your plan.
In addition to reconciliation, a creditable TPA also performs the compliance tests of the Plan. These tests are mandatory and complicated. If an issue comes up during testing a full service provider might not make recommendations or provide solutions that address the issue beyond standard remedies. Pension Plan Specialists offers you the optimal solution because of our collective expertise and intimate knowledge of your plan. We are able to look at the details on a more personal level than a large institutional organization. We give each plan a thorough review of various testing options for the most favorable results. With us, you are not just another plan, you are a valued partner.
Once we complete testing of your plan, PPS begins the accounting work. This includes:
- Reconciling of each participant account
- Reconciliation from payroll to deposits at the investment company
- Calculation of vested benefits
- Creating a participant benefit statement with reconciled/invested balances
- Creation of the Summary Annual Report
- Completing a audit package for the CPA firm for large plans
- Completing Form 5500
Since many of our specialists feature auditing plan experience, you will find us more effective in helping your auditors perform their work on your plan in an expedient manner.
What’s more, PPS assists with all loans and distributions to ensure their accuracy. You will always find us ready, willing and able to answer questions on any topic—from eligibility to rehired employees, participant death or divorce to any other complicated matter facing the plan sponsor
Plan Compliance and Regulations
TPAs like PPS create and maintain your Plan document to ensure you remain in compliance with any changes in the law or regulations. We continuously review the Plan to see if it is operating in accordance with the Plan document. If not, PPS makes appropriate recommendations to correct the issue. We will also make recommendations on plan changes when appropriate. This contrasts with providers who usually operate on a reactionary versus proactive basis.
Such a high level of service for your Plan means you and your participants stay protected from any potential problems or issues. PPS works for you and your participants, not the investment company.
All of which is why many clients, once enamored by the full service model, turned to a locally bundled solution. These smart businesses recognize the value of additional oversight, regular compliance review and the assurance that participants receive accurate accounting of their funds and the company gets the necessary protection for everyone involved.
- We will work with your financial advisor in conjunction with any investment platform you choose.
- “Bundled” products are advertised as less complicated, but are less flexible and often less accurate with confusing fees.
Frequently Asked Questions
Retirement Plans can be complicated. Our selection of questions and answers can help make it easier to understand.