Hey Siri, find me a good TPA!



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Hey Siri, find me a good TPA!

May 20 2016

By Scott Ann Setzer

Hey Siri, find me a good TPA!

If only it were that easy...
Cue up the smartphone and ask Apple's virtual assistant for a good Third Party Administrator (TPA).

Whether you are a plan sponsor or a trusted advisor, what should you look for in a Third Party Administrator?
Industry-wide we are called Third Party Administrators: the people who ensure the compliance of qualified retirement plans. We are the glue that binds the plan together. Our task is to ensure compliance in form (the written document ) and function (the operation, the details). We should be highly trained, certified individuals who have proven our area of expertise. We are COMPLIANCE CONSULTANTS

Look for: 

  • Knowledge and Certified Staff: Good TPAs have experienced and credentialed staff. 
  • Proactive Support: Good TPAs consult, ask questions, and analyze options. 
  • Timely Turn Around: Good TPAs meet the client's reasonable expectations along with meeting the IRS and DOL deadlines. 
  • Accessible and Friendly Staff: Good TPAs answer the phone, answer questions, and treat their clients like the paying customers they are. 
  • Accurate: Good TPAs understand getting it right is important and making errors is human. If an error is made good TPAs make it right. 
  • Insurance: Good TPAs carry Errors & Omissions insurance. 
  • Cost of service is reasonable: Good TPAs are not free, nor are they the lowest cost option. It takes time and money to develop experienced credentialed staff and maintain systems. Administrative costs should be commensurate with the service and expertise delivered

The right TPA Compliance Consultant is the one who delivers what is needed when it is needed with accuracy and professionalism. If you would like further information, please email us at contactus@polycomp.net or give us a call at 800.952.8800.