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One component often overlooked when companies provide a retirement plan for their employees is the need for a Third Party Administration (TPA). TPA services include
Often times TPA services are provided in conjunction with the services provided by Plan’s recordkeeper in an approach known within the industry as “bundled”. When an independent TPA is engaged, the plan is considered “unbundled”. Typically in a bundled environment the recordkeeping fee is higher than with an unbundled approach.
While Planmark offers full-service TPA capabilities, we are not always both the advisor and TPA for a Plan as we do work with bundled plans in the advisory capacity only. Analyzing the pros and cons of “bundled versus unbundled” is an important service we provide.
• More than likely your TPA services will be provided at the local level which provides for a “personal” versus “transactional” service model. • Communication between the advisor and TPA is typically superior with this approach, especially if it is the same firm. • Transparency of pricing for TPA services is often better in this environment.
Contact Planmark today to learn about our TPA 401(k) services. We are here to answer questions, talk about your goals and help you enhance your employee benefits package.