RPSI’s Frequently Asked Questions
Below are some of the most common questions we get asked. If you don’t find answer you’re looking for, please contact us.
A TPA has the buying power and administrative focus to:
- give you better, more-competitive options
- greatly reduce your administrative burden
- provide support for your employees
- and strengthen compliance.
RPSI is a neutral party, with no affiliation with the investments or recordkeeping for your plan. We provide checks and balances for your plans, with an assurance that each participant’s contributions are correctly credited to their account, and that plans are in compliance with all ERISA regulations. Plus, our experience and options enable us to create plans unique to your needs.
- As a TPA, RPSI is able to provide plan design services, ensure ERISA compliance, and provide auditing of your plan’s annual activity.
- A Recordkeeper is responsible for the actual investments and plan assets. Because RPSI is not a “producing TPA”, we are able to work closely with any selected Recordkeeper.
Yes, RPSI will lift as much of the responsibility for ensuring your plan stays in compliance as possible. We offer a menu model for 3(16) services that allows you to select which services you want us to provide based on what fits your budget.
- Section 3(16) is what names a fiduciary as an entity with ERISA reporting and disclosure duties.
- Section 3(21) encompasses anyone who provides investment advice for a fee; they don’t have the authority to control and manage them.
- Section 3(38) names investment managers who have the credentials, and the expertise, to exercise discretionary authority over investment decisions, as fiduciaries. They have authority and control to manage the fund.
Yes, RPSI has a service offering that takes the payroll submissions task off your plate. By working with your payroll company, RPSI will submit both the employee and employer’s contributions for each payroll period.
RPSI works with multiple recordkeepers. Our administration software allows us to submit properly formatted data electronically, reducing the opportunity for data entry errors.
Yes, depending on the type of plan, there are various forms required by both the Internal Revenue Service and The Department of Labor. RPSI will handle the completing and filing of any and all IRS and DOL forms related to your plan. You can feel comfortable that the data being submitted on your governmental forms is accurate and the filing of your forms will be on time.
RPSI has clients all over the US with the majority on the East Coast and Southeast U.S. We have team members in Colorado, Pennsylvania, Virginia, and North Carolina. By leveraging today’s technology, we’re able to provide services to clients wherever they physically reside.
No, RPSI is a non-producing TPA which allows us to work with any and all plan types, recordkeepers, advisors, and client types.
- RPSI has clients all over the US. With team members in multiple time zones across the country, we are able to support Plan Sponsors and Financial Advisors no matter where they are physically located. RPSI leverages today’s latest technology to support our referral sources and Plan Sponsors.
- Handle all the required paperwork between employees and the plan including providing forms, responding to loan and distribution requests, getting signatures, mailing participant fee disclosures, and more.
- Answering technical questions that you or your employees may have.
- Tracking employee eligibility for our company plan sponsors.
- Ensuring retirement plan compliance, including managing the annual audit.