As I have always said, the most important 401(k) plan provider you can hire is a Third-Party Administrator (TPA). That’s because a TPA does so much work, and their incompetence can lead to you getting penalized or forcing you to cough up significant money to fix compliance mistakes. This article is based on true stories from my 26-year career as an ERISA attorney dealing with 401(k) plan sponsors and TPAs. It’s the Good, the Bad, and the Ugly.
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