As third-party administrator (TPA), TRPC will work closely with the employer in the design, implementation, and ongoing administration of its retirement plan. Our team of consultants and administrators averages over 15 years of industry experience, and many are accredited by the American Society of Pension Professionals and Actuaries (ASPPA). The experience and expertise of our professional staff ensures that our clients’ retirement plans are serviced in a consistent and timely manner, and that the plan’s design remains appropriate to the employer’s changing needs.
The TPA services provided by TRPC include, but are not limited to, the following:
- Customized plan design and installation
- Preparation of plan documents and ongoing legislative/regulatory updates
- Preparation of required employee notifications and disclosures
- Calculation of employer contributions
- Testing to demonstrate satisfaction of IRS Nondiscrimination and Coverage requirements and annual contribution limitations
- Year-end Trust reconciliation and account activity reporting
- Preparation of Form 5500 Annual Return/Report
- Processing of participant distributions (termination, in-service, or hardship) and participant loans (includes paperless options)
- Preparation of fee disclosures that conform to DOL requirements
In addition to offering our own daily valuation recordkeeping platform, TRPC maintains strategic alliances with many other recordkeeping platform providers and will serve as TPA as part of any “unbundled” arrangement. We will also serve as TPA for “balance forward” arrangements that include Trustee-directed accounts and self-directed brokerage accounts. So, whether plan assets are held on TRPC’s recordkeeping platform or with another investment provider, we are able to provide a full suite of plan design, installation, administration, and consulting services.
Compliance Data Center
The Compliance Data Center (CDC) is a secure module on the TRPC web site that is used by our clients to submit the year-end data used by our team to perform annual regulatory compliance services for the plan. In the CDC, the employer is guided through a series of pages and prompts to answer questions about the business and to provide employee census data needed to properly administer the plan. The interface is both secure and intuitive. All changes are saved and secured during each visit to the site (should the plan representative wish to return at a later time). In addition, the plan representative is asked to review and update the most current information already in TRPC’s system, rather than being asked to enter information from scratch. Built into the CDC are a series of validation checks used to ensure that the annual census data being submitted to our office is “clean” (for example, a notification will appear if an employee is shown with a termination date prior to the hire date). The CDC allows the employer to submit year-end data quickly and efficiently so that TRPC may immediately begin the year-end compliance work. This allows us to complete in days the contribution calculations and compliance tests that the industry has traditionally seen take weeks to prepare.
Is there an ASPPA member on your retirement planning team?
Because the management of a company retirement plan involves a myriad of disciplines, it is important that your retirement planning team have knowledge of ERISA laws and IRS and DOL regulations. ASPPA-credentialed professionals are committed to providing optimal solutions that avoid unnecessary risks in this highly-regulated industry. When your retirement team includes ASPPA-credentialed experts, you also receive the benefits and the commitment of ASPPA. ASPPA is a nationally recognized authority on our nation’s employer-sponsored retirement plan system, and is the only organization comprised exclusively of retirement plan professionals that actively advocate for legislative and regulatory changes to expand and improve the private pension system. ASPPA’s elite membership has grown to over 11,000 retirement plan professionals who have chosen to be among the most dedicated in the profession, and who take on retirement plan work as a career.