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5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.
Transamerica Retirement Services has released the results of a national listening tour with retirement plan third party administrators (TPAs). As a result of TPAs' feedback, Transamerica has identified the top five TPA marketplace issues:
TPAs are depending on creative marketing strategies to help grow their businesses. Economic pressures are causing TPAs to focus on marketing more than ever, and many are looking for ways to implement and maximize new marketing strategies as a means for future growth, such as joint marketing campaigns with plan providers that are committed to the TPA business model.
Hiring, education and training support is an ongoing need for TPAs and their employees. TPA business owners have expressed the need for current and ongoing educational opportunities for their employees.
Plan sponsors are likely to look to TPAs to help with more fee education. As the April 1, 2012, deadline approaches for the new ERISA §408(b)(2) fee disclosure rules, plan sponsors are likely to look to TPAs to help with more fee education. Sponsors will likely use TPAs as a resource for information on value for cost. TPAs and plan providers need to work together to help ensure that plan sponsors understand the new fee disclosure rules.
Technology platforms offered by plan providers are critical to TPA efficiencies. TPAs want a flexible business model from retirement plan providers that gives the TPA technology to ease plan administration, and choice in how to use the technology platform with their clients.
Integration with payroll vendors gives TPAs a competitive edge. Simplicity in benefits management is key to plan sponsors, and integration with payroll companies gives TPAs expanded opportunities to provide streamlined service.
Source: Transamerica Retirement Services, news release, October 3, 2011.
For more information, visit http://www.wolterskluwerlb.com/rbcs.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.
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