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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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As discussed in our last blog article, 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). 

The 401(k) recordkeeper is the investment custodian who buys and sells the mutual funds as directed by plan participant’s. In this role they account for the buying and selling of the funds, the contributions to the plan and the distributions to terminated employees. They are the bookkeeper for 401(k) plan. They also provide enrollment materials, participant disclosures, online access of account information and retirement planning tutorials. 

What else should you know about recordkeepers? Here are a few frequently asked questions we get about the role of the recordkeeper.

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In Robert Gorelick’s book, America’s Retirement Plan, Chapter 3 discusses parties to the Plan. There are a lot of different parties to the plan known as service providers. They 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). 

According to PlanSponsor Magazine’s 2016 Recordkeeping Survey, 401(k) recordkeepers hold $4.2 trillion of American’s retirement savings.  We also refer to them as the recordkeeping platform.

So what exactly does a 401(k) recordkeeper do? And just as important, what don’t they do?

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To assist employers with plan compliance, the Internal Revenue Service (IRS) recently released information detailing common 401(k) plan mistakes. Why eleven and not ten. Well, it’s the government so don’t ask.

In this guidance, the IRS provides a summary of the eleven errors as well as information regarding how to identify each issue and correction methods to use. 

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