Retirement Plan Sponsor Duties
August 8, 2013 at 1:28 pm Leave a comment
Plan Sponsors may be interested in an article “A Plan Sponsor’s Responsibilities” located on the IRS website at http://www.irs.gov/Retirement-Plans/Plan-Sponsor/A-Plan-Sponsor’s-Responsibilities. The article covers basics such as reviewing the document to ensure you are using correct compensation, etc. and communicating with your service provider. What I particularly like about this article is that the IRS goes beyond these basic issues and emphasizes that plan sponsor’s need to understand their service provider’s service agreements and review their work. I have been amazed when I have had a new client hand over work from a prior administrator with glaring mistakes, and I cannot emphasize strongly enough how important it is to ensure your provide is qualified and doing the job correctly.
I discuss more on determining TPA qualifications in my book, A Short Guide to Finding a High Value, Low Fee Third Party Administrator (TPA) for Your Retirement Plan, available at amazon.com and https://www.createspace.com/3964647. My goal is to help plan sponsors make the best decision they can when selecting a TPA. I understand how difficult a decision this can be when you do not know what skills and credentials to look for. I have created this book to ease the process and enable plan sponsors to make good choices through my insights from working in the industry.
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I am not selling my own or any one else’s TPA services through this blog or my book.
Entry filed under: General, Retirement. Tags: 401(k), 403(b), accountability, back-dating, backdating, business, defined benefit, defined contribution, ethics, fee disclosures, finance, finding, high value, human resource, human resources, illegal, internal controls, irresponsible, lack of accountability, low expenses, low fee, pension industry, pension reform, plan amendments, plan documents, plan sponsor, plans, qualified plans, retirement, search, selecting a TPA, third party administrator, TPA, unethical, warning sign, warning signs.
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