R. Scott

Which Federal website are other TPA's using to see what the current "prime" interest rate is when processing participant loans when the document says the interest rate to be used is "prime plus ___%"? Moody's, Wall Street and Bloomberg are all showing different prime rates... Are TPA's just trusting the pre-populated rate that comes through from the recordkeeper instead of checking on it themselves? Thanks.

Hi there. We are a TPA in CA, and we have just one client in Clearwater, FL. I haven't been able to reach them to sign their 5500, likely because they don't have power yet. I read an article here on BL about the IRS Hurricane relief for federal returns that the IRS announced yesterday. It is true that most counties in FL are being granted Milton relief to May of 2025, but only int he following stated counties so far: Broward, Indian River, Martin, Miami-Dade, Palm Beach, St. Lucie, Brevard, Clay, DeSoto, Duval, Flagler, Glades, Hardee, Hendry, Highlands, Lake, Nassau, Okeechobee, Orange, Osceola, Polk, Putnam, Seminole, St. Johns and Volusia. It is my hope that they can sign and send back to me soon, but if they can’t then I think they will likely get an automatic notice from the IRS in a few weeks to months saying their 5500 was late / delinquent. In that event we will have to respond to that notice with an explanation of why they were without power and couldn’t sign on time; and hopefully the IRS is understanding. That's how this California TPA is handling it. Stay safe!

Can anyone recommend a company that offers E&O insurance specifically for TPA firms? I am having trouble.. Thank you!

How are other TPA firms dealing with increasing their prices, and communicating this to their clients? We have not raised our rates for almost 10 years, but believe it may be necessary now. Wondering what other firms are doing in this regard. If you have had to raise your rates, how did you communicate this to your clients? What was the impact, if any? Can anyone share? Thank you!

Hi, Emily Please check your private messages.

With the various new optional and required changes taking effect January 1, 2024, how are other TPA firms preparing for this? More specifically, are you reaching out to every client and telling them about the changes coming and discussing with them each individually about amending their plans to accommodate the changes (Roth catch up contribs, LTPT employees, etc)? Trying to develop a plan for our firm and would GREATLY appreciate others sharing what their firm's strategy is on this. Thank you so much!

With the various new optional and required changes taking effect January 1, 2024, how are other TPA firms preparing for this? More specifically, are you reaching out to every client and telling them about the changes coming and discussing with them each individually about amending their plans to accommodate the changes (Roth catch up contribs, LTPT employees, etc)? Trying to develop a plan for our firm and would GREATLY appreciate others sharing what their firm's strategy is on this. Thank you so much!

I'm surprised i didn't see a recommendation for ASC come up on this thread yet. So here I am. I will say that I've only had experience with FT William for 1099 production. But for valuation / compliance testing I was raised on ASC many years ago and am still using them to this day. I would say their customer service is a life-saver when something gets difficult with a plan. They have constant educational resources on their website (webcasts, system tutorials, news letters). We also use their web-based software for 5500 / government reporting which is equally fantastic. Lots of support from their service / consulting team and very FAST! Best part is they will communicate by email or PHONE to troubleshoot any issue you have. Some larger vendors stay stuck behind an email when trying to "help". Gets frustrating. But not ASC and their helpful team of consultants (who are all also pension professionals with administration backgrounds and credentials). Lastly, I have never encountered a problem getting a massive plan to calculate on ASC within only a minute or two. I am an ASC cheerleader forever! Thank you, ASC!

How are other TPA firms handling this new notice requirement? Will your firm be taking responsibility for filling out the notice and sending it to all your clients who have this flexible discretionary matching feature in their Cycle 3 document? When would you distribute the notice- at the beginning of each plan year to all the affected clients? Thank you.

Does anyone have a sample of what form they are using for a participant to self-certify that they do not have other funds and thus need a hardship from the plan?

Hello all, We have a prospective client that wants our help in administering their ROBS plan. Our firm has no experience in administering these types of plans. Can anyone with experience tell me what goes into the administration and 5500 for this type of plan that is beyond what is normal for a regular 401k plan? Thanks.