But How Will We Have Any Customers? Part I of II

June 24, 2013 at 3:03 pm Leave a comment

But how will we have any customers?  I was surprised to hear this refrain at a benefits ethics class as an excuse for not completing plan corrections.   The individual making the claim felt that all plans are “screwed up” and did not want to fix plan errors.  My first reaction is if your TPA is constantly complaining about non-compliant clients, they are likely not serving their customers.   The exceptions are TPA firms that seek out to assess and clean up retirement plans.  Personally, I know of several great firms across the country that practically specialize in that area.

My concern is the first type of TPA.  Is appropriate communication going on between the vendor and plan sponsor?  Has the TPA ensured the plan sponsor knows their responsibilities?  Has the vendor clarified that they are following the terms of their document with their vendor in regards to compensation, enrollment, distributions, loans, and other details?  Is the TPA spending enough time servicing the client by reviewing potential changes that might impact the plan? To learn more about selecting TPA’s, please consider purchasing my book at one of the websites listed below.

Thanks for reading and have a wonderful day!  Please sign up for my blog and follow me on twitter @ChristineGurney.  Please like my facebook author page athttp://www.facebook.com/ChristineGurneyHsiung.  If you have not already done so, please check out purchasing my book on amazon at http://www.amazon.com/Short-Guide-Finding-Value-Administrator/dp/147912821X/ref=sr_1_1?ie=UTF8&qid=1354850566&sr=8-1&keywords=christine+gurney+hsiung or from the publisher at https://www.createspace.com/3964647.

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Internal Controls for Your Retirement Plan Happy 4th of July!

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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.

@ChristineGurney

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