What to look for:
The role of your
Third Party Administrator
Most Third Party Administration (TPA) firms look very similar on the surface. However, when you take the time to analyze the entire picture, you’ll notice unique characteristics that separate the great TPAs from the rest.
Here are some examples and characteristics that separate the great TPAs from the rest.
- Ensure accuracy and compliance for your company’s retirement plan
- Adhere to ethical sales and business practices
- Devote sufficient resources to protecting your plan’s personally identifiable information (PII) via a strong Cyber Security policy
- Disclose fees and services accurately and clearly
- Provide support for DOL and IRS audits of your retirement plan
- Maintain a documented disaster plan that is annually tested for accurate data recovery
- Follow a consistent governance process
- Employ experienced staff to support technical plan compliance questions
- Require staff to attend and pass continuing education courses
- Have a corporate culture that empowers staff
- Maintain sufficient errors and omissions insurance coverage
Benefit Plans Plus Differentiators – What Makes Us Stand Out
Benefit Plans Plus holds the American Society of Pension Professionals and Actuaries (ASPPA) seal of service provider excellence for Third Party Administrators by the Centre for Fiduciary Excellence, LLC (CEFEX). BPP was the first TPA in the Midwest to successfully complete this independent certification in 2008, which verifies that we demonstrate adherence to the best practices in the industry.
Benefit Plans Plus is one of the founding member firms of The Cerrado Group. The Cerrado Group was founded by Nine of the nation’s preeminent Third Party Administrator (TPA) consulting firms, this member only, 501(c)(6) Trade Association was established to offer an entirely new approach to the highly specialized work of retirement plan design, reporting, compliance, administration, and industry education. The Cerrado Group members, while remaining independent regional operators, actively combine their vast resources to fully serve the retirement plan industry at large.
The Cerrado Group Cyber Security Standard
BPP as a member of The Cerrado Group is committed to protecting the data and Personally Identifiable Information of our Plan Sponsors and Service Partners. To meet this Cyber Security standard, member firms must have controls and practices in place to ensure that data held on their systems is protected and processes are in place to be proactive and vigilant. The Cerrado Group practice management team developed minimum standards that every member firm must meet. These standards include such things as business continuity plans, ongoing training, secure protocols with respect to working remotely, mobile device controls, proper data encryption policies, password protocols, and many more. This approach ensures peace of mind for all parties that we work with that their data is safe with us.
