Plan Sponsors Should Avoid Using Their Payroll Provider as Their 401(k) TPA

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I stick to what I know, so I venture very little outside the retirement plan space. I do that because I believe it is less likely to cause trouble. The two largest payroll providers don’t follow that philosophy -- they are also two of the biggest 401(k) third party administrators (“TPAs”) in the country. While it may look good on paper to hire a payroll provider as a 401(k) TPA, it’s actually a terrible idea, and this article will tell you why.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ary Rosenbaum, The Rosenbaum Law Firm P.C. | Attorney Advertising

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