Call me crazy, but I think less is more. If you have a 401(k) plan and another plan (usually a defined benefit or cash balance plan), there may be reasons why you would want multiple third-party administrators (TPAs). Speaking from experience, it\u2019s difficult to place two plans with two different TPAs.<\/p>\n
Often, there are communication issues and that is problematic because the two TPAs have to coordinate and work together. Recently, I\u2019ve had to represent a plan sponsor because one TPA wouldn\u2019t talk to the other and when there are potential compliance pitfalls, that puts the plan sponsor at risk for a business tax audit.<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" Call me crazy, but I think less is more. If you have a 401(k) plan and another plan (usually a defined benefit or cash balance plan), there may be reasons why you would want multiple third-party administrators (TPAs). Speaking from … Continue reading