Peace-of-mind for you. Piece of cake for your employees.
An attractive retirement savings plan can help to recruit and retain employees, but managing the plan doesn’t have to take up your valuable time. We’re here to make managing your plan as simple as possible, while doing our part to make sure participants are provided with the education and account management tools to meet retirement savings goals.
Introducing Fiduciary Peace-of-Mind. Our team of consultants, actuaries, and administrators has a profound understanding of the fiduciary responsibilities assumed by retirement plan sponsors, and provides ongoing guidance on how best to meet them. So you can spend less time tending to retirement plan administration and compliance, and more time pursuing your business interests.
Below are several of our service features that we feel add value to plan sponsors in administering a successful retirement savings program:
Implementation with TRPC
Expect us to exceed your expectations from day one. We acknowledge that setting up a new retirement plan or moving an existing plan to a new investment provider or TPA can sometimes be overwhelming. Our goals during implementation are to minimize the burden for plan representatives and to be sure plan participants are fully-informed about the change.
For plan conversions to our service platform, the first thing that we’ll do is establish a line of communication with your current service provider. By doing so, not only are we able to schedule your plan conversion on the earliest date possible, but we will coordinate the transfer of plan assets and account records directly with your current provider and without your plan representatives needing to oversee and facilitate all communications.
Your Service Team
Our people are here to support your people. Each of our clients is assigned a dedicated service team that works together to execute your service plan and respond to ongoing service requests.
Your Relationship Manager will act as your main point of contact and is your primary resource for matters related to the plan’s design and ongoing compliance. Each RM is supported by a consulting team that is responsible for ensuring the timely completion of your year-end compliance testing, annual reporting, and Form 5500 filing. And through our call center, Customer Service Representatives are accessible to your employees with industry-leading response times to answer questions about account setup, rollover from another retirement plan account, account distributions and loans, and web navigation.
Ongoing Fiduciary Support
A little peace-of-mind goes a long way. Our staff of accountants, attorneys, actuaries, consultants, and administrators collectively understands the challenges faced by employers in successfully maintaining an employer-sponsored retirement plan.
You should never experience uncertainty about how to apply your retirement plan’s provisions or whether a regulatory change will affect your plan or your employees. That’s what we’re here for, and we encourage you to contact your Relationship Manager any time you have a question, big or small.
In addition to providing fiduciary support to plan sponsors, TRPC provides ongoing support to the plan’s investment advisor in educating and enrolling employees and managing the plan’s investments. By partnering with experienced and trusted investment advisors, TRPC is part of a complete service team that understands your fiduciary responsibilities and appreciates the importance of having peace-of-mind.
Plan Sponsor User Access
Sponsor site access is granted to one or more plan representative(s) that will serve as TRPC’s point-of-contact in the functional areas of payroll processing/funding, participant distribution/loan processing, and year-end compliance reporting. Depending on the functional area(s) to which a plan representative has been assigned, user credentials will grant designated plan representatives access to the following:
- Online Distribution Processing – Paperless distribution processing eliminates the need for printing, mailing, faxing, and scanning, and shortens distribution processing time by up to a week. Paper forms are still available upon request.
- Data Validation Center (DVC) Payroll Portal – Your payroll portal is built by TRPC to adapt to the format of your payroll file, not the other way around. Uploaded to the portal in a matter of minutes, payroll data is “scrubbed” for errors (e.g., transposed birth and hire dates) before the data is imported into the recordkeeping system and an ACH transaction is initiated to transfer funds from the employer’s account-on-record into employee plan accounts.
- Compliance Data Center (CDC) Portal for Year-End Compliance Data Submission – Tasks that used to take weeks now take days. The CDC allows the employer to submit year-end data quickly and efficiently so that TRPC can immediately begin your year-end compliance work. This allows us to complete in days the contribution calculations and compliance tests that the industry has traditionally seen take weeks to prepare.
Employee Account Management Features
Perhaps above all other aspects of our service philosophy, we understand that retirement planning can be confusing and overwhelming for many retirement plan participants. A sound, long-term retirement strategy requires a great deal of care throughout the life of the participant’s retirement savings account. To that end, we have developed a participant user interface that is both informative and user-friendly. Among the retirement planning and account management tools available on the participant user site are the following:
- Newkirk Fund Central investment research portal
- SunGard Wealthstation MyRetirement planning tool to estimate monthly income during retirement
- Modify investment elections, transfer funds between investments, or establish an auto-rebalance schedule for the account
- Personal rate-of-return calculation (monthly, quarterly, or annually)
- Change a salary deferral election
- Change beneficiary information
- Submit distribution and loan requests
- Model a participant loan before requesting it
- Chat live with a customer service representative
TRPC is exceptionally cost-competitive and fee-transparent. We have long embraced fee-transparency as an essential element to our clients fulfilling their fiduciary responsibilities, and view industry fee disclosure regulations as an important factor in promoting retirement security for plan participants.
We do not require that fund companies pay us “revenue sharing” amounts, which our industry has traditionally seen drive up fund expenses. Instead, our fees consist entirely of transparent, billed amounts. Fund expenses – which are the largest component of cost for most plans – are therefore kept to a minimum.