Choosing a TPA

Look for a TPA with both breadth and depth of experience across many different types of plans, a firm capable of handling advanced plan designs and complex larger plans.

A good TPA firm invests time and resources in tracking client retention, measuring satisfaction, and continuously improving service processes.

Ask for a detailed breakdown of fees, and be wary of hidden fees and underbidding. Does installation include the plan document? Do they produce signature-ready Form 5500 filings? Low-cost retirement plans become very expensive when they run into compliance or funding problems.

Some TPAs are locked into partnerships or push you toward their preferred providers, rather than empowering you to choose the recordkeeper and the investment solution that best serves your client.

You and your clients deserve timely answers, getting you the right information at the right time. A good TPA should guarantee a response within 24 hours or less.

The risks of a data breach are immeasurable, so you’ll want to find a TPA who can demonstrate continuous investment in secure technology systems, a demonstrated record of security strength, and comprehensive recovery plans.

In an increasingly complex regulatory environment, and with client plan design needs constantly evolving, you’ll want a TPA with a deep bench of highly skilled credentialed professionals.

Choose a TPA with professional sales support, advisor education programs, and tools to help you serve your clients better. A great TPA lets you leverage their expertise, taking care of all the details so you have more time to do what you do best.

Compliance is a high risk area with expensive penalties for errors. Choose a TPA with comprehensive integrated compliance training systems and in-house ERISA expertise.

A good TPA will be happy to share a list of satisfied long-term clients, specifically clients with similar plan needs to yours.