One of our goals as an organization is to minimize the amount of time andeffort required from our client in ensuring the ongoing compliance of their retirement plan, so that they may instead focus on other important business functions. This goal is best met through our knowledgeable and responsive staff, our user-friendly web interface, and through ongoing fiduciary support services. Below are several of our service features that we feel add value to the employer in administering its retirement plan.
Implementation with TRPC
One of the first interactions that a client will have with TRPC is during plan setup on our serviceplatform. TRPC views the plan setup/implementation process as an opportunity to make a favorable first impression with our new clients, and to set expectations about the high level of service that we aim to provide. We acknowledge that setting up a new retirement plan or moving an existing plan to a new investment provideror TPA can be overwhelming, so our primary goal during this phase is to minimize the burden for the plan representatives. Our office will begin the implementation process by requesting some general information about the employer, the plan, and the plan’s current service providers (e.g., investment advisor and/or existing investment provider, if applicable). Once we receive this information, we will work directly with those service providers to coordinate a smooth and timely setupof the plan on TRPC’s service platform.
Service Team
Each TRPC client is provided with a service team that works as a unit dedicated to quickly addressing and resolving questions and concerns. Client Care Representatives (CCRs) are the first voice that a client will hear when calling our toll-free client services line. Requests involving employee distributions, loans, and web navigation will generally be handled by CCRs, who are also empowered to direct the call to the party best positioned to address a unique need. Each client will also be assigned a Plan Consultant, who will serve as the primary resource for matters related to the plan’s regulatory compliance, including plan document amendments, annual compliance testing, government forms filings, and general plan consulting.
Fiduciary Support
The Employee Retirement Income Security Act (ERISA) imposes on plan fiduciaries responsibilities ranging from plan document compliance to annual participant notifications and fee disclosures, monitoring of plan fees and expenses, and the satisfaction of annual reporting and funding deadlines. TRPC has a profound understanding of the responsibilities of plan fiduciaries, and provides ongoing support and guidance when a plan matter requires fiduciary action or attention. TRPC’s fiduciary support services include reminders and guidance to ensure that the Form 5500 Return/Report is filed by its annual deadline; ongoing maintenance of the plan document to include required legislative and regulatory updates; and preparation of all required employee notifications and reports.
The following Plan Sponsor Support Services are applicable only to plans on TRPC’s Daily Valuation Recordkeeping Platform:
Data Validation Center
TRPC’s Data Validation Center (DVC) is a secure web portal through which the employer uploads payroll data after each payroll period. Once uploaded through the DVC, employee payroll information, contributions amounts, and demographic data are imported to TRPC’s recordkeeping system. Provided that no data exceptions arise (e.g., a contribution that would cause an employee to exceed an annual IRS limit), an Automated Clearing House (ACH) transaction is initiated to transfer funds from the employer’s account-on-record to the retirement plan Trust, and a confirmation email will be sent to the employer’s designated plan representative.
Web Access
At the employer’s direction and in order to most efficiently coordinate communications between offices, secure web access will be 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 distributions/loans, and plan compliance (i.e., year-end compliance testing and reporting). TRPC will additionally request that a single employer representative serve as the primary plan contact for general inquiries and matters not directly associated with one of the plan’s key functional areas. Depending on the functional area to which a plan representative has been assigned, web credentials will grant designated plan representatives access to the following:
- Distribution and loan request forms
- Quarterly Trust account activity and fund performance reports
- Individual employee account statements
- DOL-compliant fee disclosures
- The Data Validation Center (DVC) payroll portal
- The Compliance Data Center (CDC) interface for year-end data submission
Employee Enrollment and Education
In addition to providing a full suite of web-based educational tools to assist existing plan participants in evaluating and selecting available investment options, TRPC will prepare and deliver enrollment kits to the employer at no charge. TRPC’s enrollment kits provide employees with valuable information in 1) determining the contribution level necessary to achieve savings goals, 2) assessing risk tolerance in relation to the employee’s savings time horizon, and 3) evaluating the investment options best suited to the employee’s retirement planning. Also included in enrollment kits are forms that the employee will use to establish a salary deferral contribution amount/percentage, and to formally establish one or more death beneficiaries for the employee’s retirement plan account. TRPC’s enrollment kits additionally provide a new plan participant with a “Quick Start Guide”, which serves as a comprehensive reference in accessing the participant web site and in evaluating and selecting available investment options.