Pinnacle Plan Design is a third party administrator (TPA) for employer-sponsored qualified retirement plans. We specialize in retirement plan design, administration and actuarial consulting. Pinnacle is proud to offer retirement plan administration services in Birmingham, AL (Alabama), as well as nationally.
Retirement Plan Administration
The following is a list of best practices for a plan administrator to follow with regard to fee disclosure. If you find that your third-party administrator is not providing you with the support you need to complete these tasks, keep Pinnacle Plan Design in mind. We can takeover the administration of your plan and ensure that it runs smoothly moving forward.
- Ensure the plan’s investment arrangement is non-discriminatory and the options are clearly communicated.
- Ensure you’ve obtained, maintained, and evaluated all service provider contracts, including renewals when applicable.
- Benchmark against peers from time-to-time.
- Realize “reasonable” doesn’t mean least expensive.
- Memorialize meetings with advisors, providers, committees and employees. These are typically one of the DOL’s requested items on plan audit.
- Utilize advisors and providers who specialize in working with retirement plans.
- Consolidate disclosures where possible (i.e. administrative fees from TPA’s with investment fees from record-keepers).
- Memorialize delivery method, timing and recipients.
- Coordinate with other annual disclosures where possible.
- Fees paid from the plan to your advisors may be disclosed on the Form 5500 with more extensive reporting applicable to fees paid from insurance related platforms.
- Realize this is a “Plan Administrator” task – don’t blindly rely on providers to complete.
Contact: Third Party Administrator Birmingham
Pinnacle Plan Design is proud to offer retirement plan administration services in Birmingham, AL (Alabama), and surrounding areas including Montgomery, Mobile, Huntsville, Tuscaloosa, Hoover, Dothan, Tanner-Williams, Auburn, Decatur, Madison, and Florence.