One of the things that makes ADMIN Partners unique as a TPA is that we work with a specific selection of clients. Being in the tax-exempt and government markets, we are working with a number of organizations that have a strong focus/mission. From public schools to non-profits, our clients are concentrated on helping others. This means they often have little time (and sometimes limited budgets) to source an employee just for administration of their retirement plan. This is there ADMIN comes in and saves our clients both time and energy.
In Part Two we take a deeper look at how ADMIN assist Plan Sponsors with yearly requirements such as Universal Availability as well as one of the most important aspect of retirement plan administration: compliance transactions.
ANNUAL PLAN REQUIREMENTS
In all the years ADMIN has been assisting Plan Sponsors, one of the biggest trends we have seen is Plans failing to comply with yearly requirements such as Universal Availability (UA)/Meaningful Notice. It makes sense – Plan Sponsors are busy and don’t often have the administrative responsibilities around their retirement plan at the top of their to-do list. This is why having a TPA like ADMIN helps Sponsors when it comes to requirements for their retirement plan. For example, ADMIN Partners sends Sponsors a reminder notice twice a year to ensure that UA is completed. Within the notice, we include free Meaningful Notice templates that Sponsors can provide to their staff in order to meet the requirement. We also provide Plan Sponsors with a checklist that maintains how their UA requirement was satisfied each year. This data is housed by ADMIN should the Plan ever be subject to an audit by the IRS. To learn more about how Universal Availability and Meaningful Notice impacts retirement plans, check out our comprehensive blog post here.
Of all the obligations that rest on a Plan Sponsors, compliance transactions has to be one that demands the most time and responsibility. From fielding plan related questions of employees to the review and approval/denial of disbursement requests, Plan Sponsors can spend up to hours each day (depending on the size of the Plan) working on compliance related matters. It is in this area where ADMIN’s Client Services Team really gets to shine. Each one of our clients is assigned a team who is dedicated to the Plan’s contribution and compliance needs. Their assigned compliance team member will absorb the daily responsibilities surrounding all compliance matters and can assists participants who have questions around their Plan benefits. This service grants the Plan Sponsor more time and energy to dedicate to their organization’s mission.
To learn more about how ADMIN Partners is saving time for Plan Sponsors, contact us at 877-484-4400, Option 2. We can’t wait to hear from you!