Posts Tagged ‘TPA’

EXPOSED…Exactly What A TPA Does And What A Payroll Provider Shouldn’t Do!

Thursday, June 21st, 2012

By Peter Macaluso, Vice President, FMi

It’s amazing to me in this new digital world, where data is so readily available, that there’s also such a wealth of misinformation on subjects that can significantly affect our lives. In my many years with FMi, I’ve found this to be all-too true in the world of retirement planning. So you can imagine how enjoyable it was for me to read an article devoted to this subject.

In Solving The Mystery Of What A TPA Does, Ary Rosenbaum, Esq. does an excellent job of answering this question. For those as yet unfamiliar with his writings, Rosenbaum correctly states that a TPA — Third-Party Administration firm — “serves as the backbone of the qualified {retirement} plan industry”. He goes on to say that “plan sponsors need to hire quality TPAs and review their work to ensure competence…”

At FMi, I’ve seen first-hand the consequences experienced by those who didn’t follow this advice. Fortunately in these cases, we were able to remedy the situation at minimal expense, and provide the professional expertise to develop the right plan for their businesses.