While most of the news about 401(k) plan fiduciaries and their responsibilities is about plan expenses, plan investments, and participant education, there is very little topic about the one issue that is important that most plan sponsors don’t consider. That consideration is the selection of the plan’s third party administrator (TPA) because the difference between a good and bad TPA can make or break a plan sponsor’s required resolve to uphold their responsibility as a plan fiduciary. While any review of a current or potential TPA will require diligence, there is a certain group of TPA or as I call it, “toxic” TPAs that plan sponsors should avoid.
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