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The world of retirement plans can seem overwhelming to those not involved in the retirement plan business.  Fortunately, there are service providers available to help you to navigate the sea of information.

What is my responsibility as a Plan Sponsor?

Ultimately, the responsibility of retirement plan falls on the Employer.  You are responsible for hiring the retirement plan professionals to properly run your plan.  Therefore, it is important to work with professionals in the industry that properly assist you with the functions and requirements of your retirement plan.

Who will be my service contact?

In today’s world of technology and automation, it can become maddening when dealing with automated phone systems.  This is worsened when it is difficult to even reach a person to answer a question.  Whether you use bundled or unbundled services, you are hiring firms to assist with your retirement plan needs.  You should expect personalized service and prompt responses to your questions.

Who will talk to my employees? 

It is the responsibility of your retirement plan professionals to maintain your plan on an ongoing basis.  This not only pertains to the day to day administration of your plan but also the ongoing education for your employees.  The plan’s investment advisor is the specific individual that should work with your employees in assisting with their investments.  Additionally, if you are using a daily recordkeeping platform, there should be a Participant Services number available for employees that need help with plan questions, changing their investments, distributions, etc.

What are the fees being charged to me and my employees? 

Nothing is ever free.  In the retirement plan world, be wary of anyone that tells you that some or any of your plan services are “free.”  The Department of Labor requires that fees be disclosed to plan participants on an annual basis.  You need to ask about the fees being charged to you or against the plan assets.  These fees come in many forms and can include things like asset fee, advisor fee, services fee, fiduciary fee, fund expense, per participant fee, etc.

Who will be handling our plan document, compliance testing, 5500 reporting, plan contribution calculations?

One of the most important pieces of your plan is the compliance with Department of Labor and Internal Revenue Service regulations.  Failure to comply could be very costly.  It is important to define the rolls of your service providers.  An effective Third Party Administrator should be able to provide complete retirement plan services, from plan design to contribution calculation to compliance testing to Form 5500 completion.

About Kline, Keppel & Koryak

Located in Northeast Ohio, Kline, Keppel & Koryak is an independent Third Party Administrator supporting a wide variety of employers throughout the country, many in Western Pennsylvania and Northeast Ohio. We specialize in the Plan Design, Administration, Compliance Testing, and Reconciliation for all types of Defined Contribution Plans including: 401(k) Plans, Safe Harbor Plans, Cross-Tested or New Comparability Plans, Profit Sharing Plans, ESOP Plans, and Money Purchase Plans.  We work with any investment platform that offers recordkeeping services in conjunction with an independent TPA.  In addition, we provide recordkeeping services for plans not wanting to utilize a Daily Recordkeeping Platform.  Our personalized service keeps you, the client, in mind in  supporting you with all of your Retirement Plan needs. Contact us today!