There are good third-party administrators (TPAs) and bad ones. No matter how good your TPA is, they\u2019re not a mind reader. So when it comes to providing information to your TPA, you need to level with them. If you don\u2019t provide the necessary information about the census, ownership, ownership in other entities, and other qualified plans you maintain, your TPA can\u2019t do its job credibly.<\/p>\n
I\u2019ve seen too many TPAs discover errors, just because the plan sponsor didn\u2019t provide the necessary information. Corrective contributions might be owed if you did the employee census incorrectly or if you didn\u2019t provide all the companies you own. There might be an issue if you had a SIMPLE plan and didn\u2019t let anyone know.<\/p>\n
The easiest errors to avoid are the ones you can avoid by providing the information your TPA asks and by volunteering information that you think they should know.<\/p>\n
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