Our TPA Services
A Third Party Administrator (TPA) is an organization, such as SMA Services, Inc., that manages many of the day-to-day aspects of your employee retirement plan.
Common administrative tasks including plan document maintenance, form 5500 preparation, creating match and profit sharing calculations, performing non-discrimination testing and other tasks necessary to keep a 401(k) plan in compliance with the Employee Retirement Income Security Act of 1974 (ERISA).
Our primary business is retirement plan administration and we are committed to providing you with the resources you need to effectively select, manage, and monitor your retirement plan.
What sets us apart?
- Extensive industry experience
- Quality products
- Competitive pricing
- Top-tier support
Retirement Plan Services
- Plan Design & Consulting
- Flexible Plan Design
- Prototype Plan Documents
- Summary Plan Descriptions
- Conversion/Implementation Assistance
- Core Compliance Services
- Signature-Ready Form 5500
- Integrated Payroll Services
Retirement Plan Types
- 401(k)
- 403(b)
- Safe Harbor
- Solo(k)
- Cross-Tested
- Age Weighted
Retirement Plan Services
- Plan Design & Consulting
- Flexible Plan Design
- Prototype Plan Documents
- Summary Plan Descriptions
- Conversion/Implementation Assistance
- Core Compliance Services
- Signature-Ready Form 5500
- Integrated Payroll Services
Retirement Plan Types
- 401(k)
- 403(b)
- Safe Harbor
- Solo(k)
- Cross-Tested
- Age Weighted
Defined Contribution Plans can be very complex. Click below to get a quick overview of responsibilities and who typically handles each.
Defined Contribution Plans
Who does what?
Defined Contribution Plans can be very complex. Click below to get a quick overview of responsibilities and who typically handles each.
- TPA: The Third Party Administrator is hired by the plan sponsor to run many of the day-to-day aspects of the retirement plan.
- Advisor: Assists the employer in choosing a recordkeeper. Provides investment education to plan sponsors and participants.
- Plan Sponsor: Typically the employer.
- Recordkeeper: Company that tracks plan investments, who is in the plan and the investments they own, and what goes in and out of the plan.
SERVICES
TPA
ADVISOR
PLAN SPONSOR
RECORDKEEPER
Design Plan
Prepare plan documents, plan amendments & IRS plan qualification filings
Complete summary plan description
Compile & electronically provide participant census data to SMA Services, Inc.
Provide SMA Services Inc., with plan provision information
Review & select participant services
Coordinate with payroll service
Identify plan-appropriate investment options
SERVICES
TPA
ADVISOR
PLAN SPONSOR
RECORDKEEPER
Personalized enrollment support
Personalized ongoing education
SERVICES
TPA
ADVISOR
PLAN SPONSOR
RECORDKEEPER
Electronically submit timely & accurate plan contributions (by contribution types)
Provide daily valuation of accounts
Grant access to retirement accounts via internet or phone & access to call support
Offer asset allocation resources
Create & distribute participant statements
Develop plan sponsor statements
SERVICES
TPA
ADVISOR
PLAN SPONSOR
RECORDKEEPER
Authorize & setup TPA access to participant data
Provide salary information to SMA Services, Inc. (TPA)
Provide participant data to SMA Services, Inc. (TPA) for plan compliance testing
Get plan data from recordkeepers website
Review employee census & monitor plan eligibility & entry dates
Conduct top-heavy testing & contribution calculation
Calculate 415 limits
Perform ADP/ACP nondiscrimination tests
Conduct miscellaneous compliance tests for specific plan designs
Prepare allocations of plan sponsor contributions and forfeitures
Provide information for Schedule A & applicable schedules & an Audit Package if required
Complete Form 5500 series annual reports & schedules & summary annual report
E-file 5500 series annual reports & schedules
Provide support to help plan meet legislative compliance requirements
SERVICES
TPA
ADVISOR
PLAN SPONSOR
RECORDKEEPER
Conduct benefit event process & education (such as employee termination)
Calculate participant vesting percentages
Help with spousal consent requirements
Initiate vested benefit payouts
Recordkeeping plan participation loans (if allowed by plan)
Monitor & calculate Required Minimum Distributions
Coordinate income tax withholding
Prepare Form 1099-R
Issue checks