Payroll Providers as TPAs

Payroll Providers as TPAs

When it comes to 401(k) plan administration and payroll, they don’t have much to do with each other beyond salary deferrals

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Third Party Administrators (TPA) at a Glance

A TPA’s responsibilities include, most importantly, retirement plan design, as well as record keeping, yearly testing to gauge a plan’s compliance with Internal Revenue Service’s (IRS) non-discrimination rules and participant contribution limits, and preparing annual returns and reports required by the IRS.