NIPA NEWS: Tips for Selecting a Third Party Administrator
NIPA News: Selecting a Third Party Administrator (TPA) for the company retirement plan is a challenging task since it is not a process that is performed with regularity. Claudia St. John, President, HR Affinity Group offers advice on what should be important to a plan sponsor when searching for the TPA. She offers advice in three distinct area:
- It is important to learn the Qualifications of the professionals who would be overseeing your firm’s retirement plan;
- Learn the level of expertise that the TPA firm possesses in the area of Tax. Your retirement plan is a tax-qualified plan so comprehending the level of tax-related expertise is important; and
- Understanding the experience level the TPA has in working with the Internal Revenue Service and the Department of Labor.
These three areas good topics for probing when searching for a new TPA.
