TYPES OF 401(k) PROVIDERS
A plan sponsor hires three different types of providers to manage their 401(k) plan. Each provider plays a unique role within your small business's retirement plan.
Plan Advisor
A plan advisor helps the plan sponsor and participants with plan and investment management. Hire the plan advisor first to help coordinate selection of the TPA and recordkeeper.
Recordkeeper
A recordkeeper keeps track of the contribution types in the retirement plan. The recordkeeper also maintains the plan website, and distributes plan statements.
Third Party Administrator
A TPA takes care of certain administrative aspects of the plan. For example, the TPA maintains the plan document, performs annual compliance testing, and prepares the Form 5500.
Must-see 2-minute video
How to Shop for a Plan Advisor
Watch this short video from a Fisher Retirement Plan Specialist to learn how to shop for the right advisor for your business's retirement plan.
Free 401(k) Provider Evaluation Checklist
8 Questions to Ask When Evaluating a Plan Advisor
Find out the 8 most critical questions to ask when evaluating a new plan advisor for your small business.
Plan Advisor Evaluation Template
Plan Advisor Comparison Chart
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