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A TPA is an organization hired by the 401k plan sponsor (your employer, usually) to run many day-to-day activities of your retirement plans. Their responsibilities include, but are not limited to:
The chart below compares typical services offered under a TPA/Unbundled and a Bundled (non TPA) provider.
- #1 Deliverable: Consulting
- Call and speak with the same people you are familiar with
- Fast, clear responses to questions and requests
- #1 Deliverable: Administration
- Call center at an 800 number
- Limited access to expertise (how is this quantified?)
- Discuss plan design based onw hat benefits your company most
- Design changes are quick and simple
- Choose from standardized options
- Changing provisions is subject to process
- Choose your investment options from several platforms
- If your needs change, we service several platforms and aid in the asset transfer
- If you change platforms, your plan document continues to serve
- The bundled provider is your only platform option
- In many cases, if your needs change, you may need to find a new provider (in all cases?)
- In many cases, if you change providers, you may need a new document at a new cost (in all cases?)
Each year the U.S. government adjusts the limits for qualified plans and Social Security to reflect cost of livingadjustments and changes in the law. Many of these limits are based on the "plan year" as defined in the plan document.The elective deferral and catch-up limits are always based on the calendar year.
*Source: Internal Revenue Service
100+ Years of ExperienceEstablished in 1909, Independence Financial Partners' history is a testament to our dedication to our clients. Today, our full service firm serves Southern New England from its main offices in Warwick, Rhode Island and Rocky Hill, Connecticut.
About UsIndependence Financial Partners has been helping individuals, families and businesses achieve their financial goals for over 100 years.