973-239-7772 |  15 Bloomfield Avenue, Verona, NJ | 

Frequently Asked Questions

For Business Owners

What is a TPA?

TPA stands for Third Party Administrator. The Retirement Group, L.L.C. is an independent Third Party Administrator specializing in the design and administration of qualified retirement plans, such as Profit Sharing, 401(k), and Cash Balance Defined Benefit Plans. Due to the complexity of the regulations that govern these Plans not to mention the severe penalties that may arise in the event that something is missed or incorrect, it is in a business owner's best interest to have someone who is an expert in their corner.

Why do I need a TPA?

There are all levels of service and plan design when it comes to retirement Plans, from the no-frills payroll company approach to the individually designed custom Plan that primarily benefits the business owner. In closely held companies, it is the business owner that has the most at risk and as such, should receive the largest share of the retirement plan budget permitted by law.

In companies with a larger workforce, the goal would be to show the client how best to allocate their retirement plan budget, while streamlining the administration process. We also take an active role in the employee education process so that your employees understand the value of the Plan. It is in everyone's best interest that your employees understand this and are fully engaged.

For Financial Advisors

How much should I expect to pay for a TPA?

Here again, there is no "one size fits all". It depends on the size of the Plan and the complexity of the design and administration. We will give you a complete outline of our recommendations and the associated costs before you make a decision. In many cases, we can build our fee into the Plan so that the some or all of the costs are carved out of the assets and you don't even receive an invoice.

If I already have a retirement Plan for my business, can I get a "second opinion"?

Absolutely! We will need information from you to do this, but the only way to know if there are better options out there is to ask. In the past few years there has been a great emphasis on "fee disclosure", but we find this hasn't made it any easier for the typical business owner to tell if they are over-paying.

Does it matter how big my company is?

Our clients range from owner-only Plans with no employees to corporations with hundreds of employees, and all sizes in between.