Who Does What?
Who Does What?
In order to keep your plan in good standing, you rely on the support of service providers. As the plan sponsor, you are a valuable member of a 4 part team that also includes your TPA, recordkeeper, and advisor. Each must uphold their portion of roles and responsibilities to maintain a stable and well-standing retirement plan. Much like a barstool — if one leg fails to support, you may find yourself in an uncomfortable position.
Plan Sponsor Responsibilities
Operate the plan solely in the best interest of participants and beneficiaries
Act prudently, as defined by the Prudent Persons Rule
Follow the Plan Document
Benchmark costs to maintain reasonable fees
Monitor and diversify investments
Monitor service providers
Deposit participant deferrals and employer contributions
Employee education & enrollment
404(c) Compliance
TPA Services
Customized Plan Design
Participant loan services
Processing distributions
Reconcile participant & employer contributions
Preparing annual returns & reports
Required regulatory plan testing
Amending & restating plan documents
Calculation & allocation of employer contributions
Calculating participant vested percentages
Consult with Plan Sponsor & recommend changes
Monitor changes to legislation & regulations
Recordkeeper Services
Track retirement plan assets
Your retirement plan website
Account statements
Investment performance reports
Participation rates analysis
Employee communications
Fee and fiduciary disclosure information
Advisor Services
Employer/ Employee Advocacy
Comprehensive plan reviews
Fee benchmarking
Investment selection & monitoring
Develops Investment Policy Statement (IPS)
Provider Liaison
Retirement readiness reporting
Employee education & enrollment
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