I’ve been an ERISA attorney for over 20 years and the one opinion I’ve had for that long is that having a payroll provider to serve as a 401(k) third-party administrator (TPA) is an absolutely bad idea. I say this as an ERISA attorney who derives a lot of business to fixing compliance plans for 401(k) plans that just fired one of the two largest payroll providers as their TPA.
Please see full publication below for more information.