When it comes to business, partnering with the right third party administrator—TPA—can make all the difference in the success of your company's plan operations. Why is this so important? The right TPA’s services provide the tools needed to minimize errors and administrative costs, reduce legal risks, and operate more effectively. These are the 3 keys to finding the right third party administrator for your plan:
1. Experience is Essential
Not all TPAs have the same types of plans available or the same level of experience administering those plans. Partnering with a qualified TPA who knows the ins and outs of a variety of plans allows you to receive the best advice possible on what option is best for your business.
At RPCSI, our staff can work with most recordkeepers and are knowledgeable in handling plans including 401(k), 457, 403(b), Non-Leveraged ESOP, and Cash Balance (DB). To ensure your organization is fully confident in their choices, we’ll prepare a plan proposal that illustrates the impact of various plan designs. From document services and IRS and DOL correction programs to required employee communications and more, we offer comprehensive services to meet any need.
2. Personalization is Fundamental
Your company is unique, so your plan design should be, too. When you have specific needs, cookie-cutter plans simply don’t work. While choosing a TPA, make sure that communication and personalization are core components to how they handle their responsibilities. This way, you can know that your organization’s specific factors and needs will be at the heart of the solution.
Establishing partnerships with our clients is a core component of RPCSI. Whether it's creating a new plan or redesigning an existing one, we provide a responsive, one-on-one experience with our personalized plan consultations, meaning a qualified consultant will help you understand the pros and cons of the features in a plan as well as any upcoming changes.
3. Ensure Legal Compliance
Regulatory requirements are not static. Rather, legal compliance standards are constantly evolving, so your TPA needs to stay abreast of these changes to effectively prevent or correct any compliance issues. This saves your organization from facing costly penalties or even disqualification.
RPCSI takes great measures to certify that compliance guidelines are met. Along with completing non-discrimination testing for 401(k) plans, RPCSI is CEFEX certified. This means that we follow the best practices established by the Global Fiduciary Standard of Excellence to guarantee standards are constantly being met.
RPCSI: The Third Party Administrator for You
With a wide selection to choose from, choosing the right third party administrator for your organization can be challenging. Looking for a TPA who is experienced in the day-to-day of multiple plan types, knows how to ensure legal compliance, and is ready to work with you to tailor a custom plan for your organization will set you on the right path. RPCSI fits the bill for all these components. Request a quote and experience the RPCSI difference.