Selecting a Third Party Administrator (TPA) for Retirement Plan – Part II

August 29, 2012 at 7:43 pm Leave a comment

As a plan sponsor, there are many responsibilities that must be performed regarding your retirement plan.  When seeking out a third party administrator (TPA) or other service provider, what are plan sponsors looking for?  Are they looking for only the lowest fee provider?   As plan sponsors, they are responsible for making an assessment regarding the reasonableness of fees and continuing to monitor plan service providers.  However, are they weighing costs over other attributes?  For example, it is important to review the services the provider will perform.  Services can vary dramatically across the industry.  Some providers might perform only compliance testing and reporting.  Others may include document services.  Fees are only a part of the puzzle.

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I am not selling my own or any one else’s TPA services through this blog.

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Christine Gurney

A pension professional who shares her thoughts and ideas about the pension world for industry members and anyone else interested.

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