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Who Does What?

  • Writer: RPA Editorial Team
    RPA Editorial Team
  • Nov 14, 2019
  • 1 min read

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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