A Third Party Administrator (or TPA) is an organization that is hired by the 401k plan sponsor (your employer usually) to run many day-to-day aspects of your retirement plans. These include, but are not limited to:
- amending and restating plan documents;
- preparing employer and employee benefit statements;
- assisting in processing all types of distributions from the plan;
- preparing loan paperwork for plan participant;
- testing the plan each year to gauge its compliance with all IRS non-discrimination requirements as well as plan and participant contribution limits;
- allocation of employer contributions and forfeitures;
- calculating participant vested percentages; and
- preparing annual returns and reports required by IRS, DOL or other government agencies.
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