4 Reasons You Need a TPA
As your company juggles an array of issues from the core of the business to workers’ compensation, benefits, retirement packages, and much more, you need an advocate who can take one of these heavy (and complex) responsibilities off your plate.
Partnering with a third-party administrator (TPA) for your retirement plans get your business on the right track, offering four key benefits.
1. Save Money With a TPA
As your TPA, we know the ins and outs of retirement plans. We understand how retirement plans work, how to maximize retirement savings, how to help with tax planning, and how to make a retirement plan a “win-win” benefit for everyone involved.
Yes, you can match contributions made by your employees, but we will explain how to make the most of those contributions, how to assume a tax-advantaged position, and build long-term retirement wealth. In short, we make retirement financially beneficial for your business and your employees—improving morale in the office, engendering confidence in the business, and developing a bit of loyalty that is difficult to find elsewhere.
2. Retirement Plan Design
A TPA makes it easy to maximize the retirement plan you’ve chosen. However, you shouldn’t get yourself into a “cookie cutter” plan that only serves a small portion of your team.
Retirement packages are highly technical, and they should be built by experts who understand how to tailor these plans to the needs of the business and your employees. Remember, we are committed to making retirement plans beneficial for your team. You can’t simply throw some money in a standard 401(k) and hope for the best.
The team deserves better and so do you.
New legislation comes out almost every year that alters how retirement plans operate. It can be difficult to stay on top of those changes and how they impact your employees.
When you engage with a TPA, you are educated on these changes, how they affect your plans, and what you should do about it. For example, SECURE 2.0 will likely take effect in 2022, and it will remain a hot topic as companies—like yours—try to grapple with the upcoming changes.
ATPA will help you navigate these changes so you can focus on the core of your business while continuing to offer a first-class retirement plan.
4. Employee Changes
As employees change jobs, retire, shift to different industries, you want to ensure a seamless transition. A TPA can help you navigate these employee changes.
Moreover, a TPA can assist with items like:
· Hardship withdrawals
· Qualified Domestic Relationship Orders (QDRO’s)
Contact Shore-Tompkins Actuarial Services for Help With Your TPA Needs
Contact Shore-Tompkins Actuarial Services for assistance if you want to learn more about how we can serve as your TPA, wish to assess your current situation, or want to learn more about what we offer. As your TPA, we can reduce costs and risks while helping you reinvest in your business and employees.