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We often get the question…” What does a TPA do”.  That can be a involved conversation. The short answer is ….we keep you out of trouble with the government. The following is a laundry list of what the IRS is finding wrong with employer retirement plans. Utilizing BEI as your TPA can avoid these issues. 

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Targeting people’s urge to procrastinate is key to boosting savings under automatic enrollment, while addressing financial literacy works best for opt-in plans. This is the conclusion of a February 2018 survey done by the TIAA Institute.

In our last article “Digital Nudging” we talked about engaging employees with emails to prompt enrollment.  The TIAA Institute survey below compared automatic enrollment (opt-out) to traditional voluntary sign up (opt-in). 

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In a recent paper authored by behavioral economist Shlomo Benartzi, he looked at the impact of an email to get employees enrolled in their employer’s retirement plan. 

He did a study in conjunction with the White House Social and Behavioral Science Team, also known as the Nudge Unit, a name left over from the Obama administration. 

Their findings were that a well drafted email nearly doubled the program enrollment rate compared to the control group.

The email used simple nudges, such as providing actionable steps for enrolling in the savings program and giving people clear examples of how small contributions can lead to large account balances.

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Have you ever used these words? If you have, you know the value that a good Third Party Administrator (TPA) brings to your practice.

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Our last two blog articles have gone over the role of the record keeper in your 401(k) plan. As you may recall, there are many people who work behind the scenes to help manage a 401(k) plan. There’s the Investment Advisor, Third Party Administrator (Benefit Equity, Inc.), mutual fund companies, and a recordkeeper, (insurance company or investment company). 

So where does the Third Party Administrator (TPA) fit into the equation? Benefit Equity, Inc., (BEI) is a Third Party Administrator and we’ll discuss our role in recordkeeping and your 401(k) plan.

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