Here at ADMIN, we receive a generous number of questions from a variety of people within the retirement planning industry. Whether its financial advisors looking for education on upcoming regulation changes or potential clients trying to learn more about who we are, the demand is there and we are always willing to help.
For some time now, we have considered creating a FAQ for our blog, which we thought could be used as a reference for some of the more recurring questions that we see. Then we had an idea. Why not shake things up and turn this into a blog series? Good idea ADMIN team! Over the next few weeks we will be sharing a Frequently Asked Questions (FAQ) series here on the blog. Each post will be dedicated to the common questions we receive from those working in retirement planning.
This week we are starting things off with a brief overview of who ADMIN Partners is, who we call our clients, and what services we provide to them.
WHO IS ADMIN PARTNERS?
Simply put, ADMIN Partners is an independent Third Party Administrator (TPA) that provides a full range of services on retirement plans in the tax-exempt and government markets. With that being said, we believe we are more than just the people who administer retirement plans. We work hand-in hand with Financial Advisors & Plan Sponsors to ensure the retirement plan that is established meets the needs of the organization & maintains a strong level of compliance.
WHERE IS ADMIN LOCATED?
We are based out of Cherry Hill, New Jersey (right next door to Philadelphia, PA). With that being said, we are a national firm and currently work with employer sponsored retirement plans in all 50 states.
WHEN DID ADMIN PARTNERS START?
ADMIN Partners has been managing the administration of retirement plans since 2006. In those 12 years we have not only built partnerships with some of the leading industry experts, but we have also expanded our range of services to better support our clients.
WHO ARE YOUR CLIENTS?
In our early years, ADMIN worked primarily on 403(b) plans for public education institutions; however, we have since expanded our services to anyone in the tax-exempt or government markets. This includes 501(c)(3) non-profits, religious organizations and local government plans. We provide comprehensive administration (including ERISA services) on an array of plan types including 403(b), 401(a), and 457(b) plans.
It is important to note that while we do not currently service retirement plans for for-profit businesses, we will support a 401(k) plan for a non-profit organization.
WHAT SERVICES DO YOU PROVIDE?
ADMIN is a full-service TPA Firm, meaning we provide all administrative services for the plan. Rather than handing our clients a plan document and sending them on their way, we also offer them assistance with contribution administration, we maintain plan recordkeeping on behalf of the employer, and we ensure each plan is presented with in-depth compliance monitoring. Our job is to alleviate the daily burdens & responsibilities of retirement planning from the Plan Sponsor. We also ensure the employees who participate in the plan are provided with education so that they can benefit from their contributions. In addition, ADMIN’s team works alongside the financial advisors who service the plan’s investments to ensure the plan is meeting the needs of the participants and continues to stay within the rules and regulations of the DOL & IRS.
Stay tuned for part two of the FAQ series where we dive into the different types of TPA firms (yes, there is more than one) and the services each one provides.