The Retirement Team is committed to providing high-quality, hassle-free retirement plan service and consultation in a friendly, competent, and timely manner. We strive to make a positive difference for our clients, their employees, and our community.
We are credentialed professionals, either through the American Society of Pension Professionals and Actuaries or the Society of Actuaries. We have dedicated our careers to retirement plan services and are obligated to uphold and observe “the highest standards of practice.”
All of our work is done in High Point, North Carolina. We do not outsource any work abroad.
Other professionals-including attorneys, CPAs, investment advisors, and other financial intermediaries-likewise want the retirement plans of our mutual clients to operate smoothly and effectively. We “team up” with these professionals to develop strategies to meet the needs of our client, the Employer, and to help us all feel good about the relationships and the results. But we are careful to emphasize that The Retirement Team’s client is the Employer.
We strive to listen, before talking about the client’s problems. We return phone calls within four business hours. We keep clients well informed about the progress of our work, and together we establish good communication and smooth working relationships at all levels. Although we cannot guarantee a specific result, we do guarantee our clients will be satisfied with the quality and timeliness of our work.
How We Are Paid
Our fees are dependent upon three factors: (1) the complexity of the plan design, (2) the complexity of plan operation, and (3) the number of participants in the plan. Depending on the service agreement, the provisions of the plan document, and regulatory guidance, our fees may be paid directly by the client or from the assets of the Trust.
Some TPAs “sell” investment or insurance products to Employers, and so they receive part of their revenue in the form of commissions or other compensation, based on their ability to influence an Employer to invest with a specific vendor or mutual fund. We do not sell or recommend investments because we believe such an arrangement can compromise our ability to consult objectively. However, if requested, we can recommend reputable financial advisors.
We believe in transparency of fee arrangements-full disclosure. We do not receive any remuneration that is contingent on a client’s purchase or sale of a financial product. We receive no fees or other compensation based on the referral of a client or the client’s business.
A common practice for vendors of 401(k) daily-transaction investment products is to “reward” a TPA for servicing their clients. We call this a “revenue sharing” or “soft-dollar” arrangement. If we benefit from any revenue-sharing arrangements, we will disclose them to the client and will offset fees we charge the client.
We hope you will ask questions of your plan’s other service providers. Understand what you are buying and how much are you really paying for it. Nothing is free and good service should be worth its price!