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.
In Part III of this series, we take a look at the types of retirement plans that ADMIN Partners services and how we help Plan Sponsors succeed!
ADMIN Partners focuses on a particular niche market in the retirement planning space. We support organizations in both the tax-exempt and government markets. Our services extend to retirement planning for public education organizations, local and state governments, 501(c)(3) Non-profits as well as church and religious organizations. While we primarily help administer 403(b) retirement plans (both ERISA and non-ERISA), we also provide administration services for 401(a) plans, 457(b) and Top Hat Plans, as well as some 401(k) plans for qualifying non-profit organizations.
We do not currently support plans for for-profit organizations or IRA planning.
Not only is ADMIN Partners a full-service TPA, but we are also a nationwide firm that is completely independent – meaning we are not tied to any one investment company. Being vendor neutral allows us to work with plans of all sizes and without limitations on the number of investment providers the Plan wants to offer. We can also support retirement plans that hold legacy assets with grandfathered providers. This provides a piece of mind to the participants and the plan sponsor as it ensures accurate recordkeeping on those prior accounts. We understand that retirement plans are not a one size fits all design; therefore, we work with each organization to help them design a plan that fits the needs of their organization.
ADMIN Partners stands out from other TPA firms by being honest when it comes to our clients. We don’t believe in hiding fees or coming up short on service. Instead, we start our long relationship with our clients by being transparent in our costs and providing our Plan Sponsors & Plan Participants with continuous education on the evolving industry and how it relates to their plan.
The Employee Retirement Income Security Act of 1974 (ERISA) was established in order to protect plan participants as well the investments that they contribute to their employer-sponsored retirement plan. This federal law was established to safeguard the interests of participants and beneficiaries by requiring the disclosure of all features & funding within the plan. It also subjects the plan to yearly testing such as nondiscrimination testing which ensures the plan does not discriminate against non-highly compensated employees. While there are some 403(b) plans that are exempt from the rules and regulations of ERISA, there are many plans who are defined as ERISA. This is often the case for most plans sponsored by private tax-exempt employers, for employers who make decisions on behalf of the plan or receive compensation for performing administration, and for employers who contribute an employer match as an added benefit to the participants of the plan.
To read more about the laws surrounding ERISA, you can visit the United States Department of Labor website here.
Note: 403(b) plans that are sponsored by governmental or public education employers are statutorily exempt from ERISA. 403(b) plans sponsored by religious organizations are also exempt from ERISA; however, they may elect ERISA coverage if desired. To learn more about what subjects a plan to ERISA, please contact ADMIN Partners at 877-484-4400, option 2.