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Found 10 results

  1. I am starting a new TPA firm and wondering if anyone is willing to share some essentials to get started. I am not looking to steal anyone’s clients or information but could use some inspiration in creating my documents. If anyone is willing to share, I am looking for help on the following: Engagement letter/agreement Form letters New client checklists Takeover letters/checklists Year end census collection Administration checklist
  2. We're a small 401k platform (a startup) and we're looking to bring on a TPA to either act as a consultant, or to work with us on a per plan or monthly basis. I'm not exactly sure where to start looking, so any guidance would be appreciated! Thanks!
  3. Good afternoon everyone, We recently had a client express interest in qualified disaster distributions (QDD's) as they are allowable under the Consolidated Appropriations Act 2021 and prior law. I realize that these cannot be used if COVID is the only major disaster declared in the area. However, this client is in an area that experiences frequent and intense hurricanes, so I think they are good on the first prong below. A "qualified individual" is an individual: whose principal place of abode at any time during the incident period of any qualified disaster is located in the qualified disaster area with respect to such qualified disaster; and who has sustained an economic loss by reason of such qualified disaster. My question is surrounding what we, the TPA, would need to include on the form we provide to this client specific to proof. In certain distributions, we've required a showing of proof that the individual meets the requirements. I'm not sure if this can be treated like COVID distributions (CRD's) where they self certify, or if we need to include some other showing of proof that participants would be required to include in their submission for such a distribution. Wondering if anyone has thoughts on what type of proof a participant would need to submit for this type of distribution? Thanks in advance!
  4. We are looking to acquire a TPA, but want to know more about how these are priced by looking at comparable transactions. There aren't many comps with data around profitability, and so its hard to figure out what is a good price to offer. Would anyone have direct experience with M&A in TPAs that we can speak with? Thank you.
  5. Good morning to all. A client passed away last fall, and her sister popped up recently claiming to be the executrix of the estate and heir to all of the client's assets. We as the TPA do not keep beneficiary forms on file for any of our clients. We inform them at the moment of engagement that they must be responsible for keeping up with the forms in their own offices in the employees' personnel files or something similar.. The sister of the deceased says she has not found a beneficiary form. She says the deceased was divorced and that the ex-husband is deceased, and that they had no children. So far all she has provided to us is a death certificate for the deceased and a "Letters Testamentary" document with one sentence naming her as the personal representative of the estate of the deceased. She is now pushing to have the deceased client's assets transferred to her. The account balance of the client is held in an individually directed brokerage account with a well-known national brokerage house. The plan document says that in the absence of a beneficiary form, the assets go first to the spouse, and if none, to the children, and if none, "such other heirs, or the executor or administrator of the estate, as the Plan Administrator shall select." Bear in mind that the Plan Administrator was the client, who is dead. 1. To what extent are we as the TPA responsible for determining that the spouse is indeed an ex spouse, that he is indeed deceased, and that they had no children? 2. Is more paperwork required that just this one liner naming this woman as the personal representative of the estate required to establish her as the executrix/personal representative? 3. Is this our problem or the brokerage house's problem that holds the funds? 4. Do we have to worry about being sued later if she lied to us and there is a current spouse/children? 5. Can the account be rolled directly to her without passing through the estate in this circumstance? This is a first for us, so any experiences you can share/advice you can give will be greatly appreciated. Thanks in advance.
  6. I have the opportunity to start my own TPA firm and I really need some help. I have been a pension admin for some time now and have a firm grasp of the administration side. I have been offered an opportunity to join a CPA firm and partner with them to start a TPA firm. I have done the grind and put together all the paperwork for new clients, takeover plans, safe harbor notices, etc... I have ASC coming and installing their programs and I will accompany that with Pension Pro software. So I have almost everything lined up to move forward. My question is: #1 - Do I have to have certain credentials to be able to start my own TPA firm? I have one more test to get my APA designation, but is there something that would stop me from being able to open my own firm? #2 - Besides all the proper paperwork and setting up the software, is there something i could be missing that would be a road block or set back? #3 - What advice can you give me that would help me avoid pitfalls or help me not miss something while setting up the new firm. #4 - Would someone be willing to have a conference call with me and go over the steps they went through to start their own firm? In a nut shell, I just need some guidance so I don't have a surprise pop up that would not allow me to open the new firm. I would really appreciate all the help i can get to start off on the right foot. Thanks!!
  7. I have been running this pension and investment sales and administrationTPA business for 40 years, and I now want to sell. I am still full of pi.s and vinegar and want to continue in the business, but must relieve myself of being an owner and the owner responsibilities. I just want to be a rainmaker, consultant, expert witness, problem solver, etc. but I do not want the responsibility of running the business. For almost the full 40 years we have received our business as referrals from CPAs and Attorneys. Hardly any from financial sales people. We are also an RIA and receive fees for investment advising and either insurance commissions or RIA fees on most all our 401(k) business. I believe that I have developed the method to easily get business from CPA firms and Law firms. The method is easily taught to quality sales people and will generate business quite quickly. But frankly, I want to go "elephant hunting" for the larger more mature 401(k) plans rather than get the smaller cases from the CPAs and Attorneys. I have been working on a new marketing plan that is close to being ready to go, but I would like some help from a buyer of my firm. Although at one time, my firm was more than twice as large as it is now, I think the firm and myself are worth a look. I have extensive experience, am highly educated (MBA from U of Michigan), fully credentialed (Certified Pension Consultant and many more), founded a local bank that we took public onto the Nasdaq at 36 years old and on the Bank's Board for 23 years until we sold it for cash before the bank crash of 2008), am considered an innovator and am also an idea a minute kind of guy. Do you think I should use an M & A firm to find a buyer or should I try to find buyers myself. If you have any recommendations, please let me know. You may reach me at 248 342 9500 because I do not know how people communicate with each other that meet on this forum.
  8. Plan is a self-insured plan that contracts with a Non-traditional Third Party Administrator. The TPA does not collect any premiums or pay out any claims (claims are handled by Care First). Carefirst adjudicates all claims, and debits an account belonging to Plan Sponsor. Role of the TPA is to process enrollment, provide other administrative services(billing, prepare 5500s, PPACA reporting, consulting, etc), for which it receives a "fee for service." Additionally, TPA collects and remits to CareFirst the fees paid by Plan Sponsor. Since TPA does not "handle" plan assets and does not exercise any discretion or control over the Plan, it is our belief that the TPA does not fall under the ERISA definition of Fiduciary. Would you agree? If TPA is arguably not a fiduciary, would an argument exist that the TPA is not required to fulfill the ERISA bonding requirements under Section 412? A review of Field Assistance Bulletin No. 2008-04 leads me to conclude that since TPA does not "handle funds or other property" of the plan (merely collects ans remits a fee to Carefirst) and does not adjudicate Claims, it would not be deemed a "Plan Official." Thoughts? Thank you...
  9. We are a TPA firm that administers Cafeteria Plans for public employees that are exempt from ERISA requirements. Currently, our clients hold their own checking accounts with which the funds are held. We are looking to offer a funding method where we, as the TPA, have a checking account that the client's funds are held in. What are our funding options that will keep us compliant with IRC and California banking laws? Because our clients are exempt from ERISA, but our TPA firm isn't, do we have to comply with ERISA requirements if we decide to hold the funds for them? We are considering opening one business checking account to hold all of our client's funds with the idea that we would not dip into one client's funds if another falls short, but I am concerned with the commingling of funds and think it would be cleaner (and maybe the only compliant option) if we held separate checking accounts for each client. If we were to open a Trust, could we commingle different Plan assets then? Any help would be very much appreciated.
  10. We are looking for a 5 year plus Third Party Administrator and curious if anyone has had success using a national recruiter and if so, who? Also wondering if there are some other resources we should be considering in addition to this site? Any insight is appreciated!
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