5 Questions To Assist You In Choosing Third Party Administrators In Cleveland, Ohio
If you a loved one is in the process of selecting a retirement plan, the third party administrators that you choose from the Cleveland, Ohio area can make a world of difference. Advisers and auditors from a variety of locations are typically asked various questions about how to select the best third party administrators in Cleveland, Ohio.
These organizations can also assist clients when it comes to various aspects of their employee benefit plans and provide help during the processing of an insurance claim. All third party administrators in Cleveland, Ohio are not created equally and residents that want to make the best selection are urged to read on and learn more…
1) What Size Plans Do You Usually Handle?
Every third party administrator is going to have their own strengths and weaknesses and that's why it is important to find the one who can cater to you. There are some firms that are known for catering to clients who have smaller plans and there are others who will be working with clients who have plans that range well into the millions. Take the time to select the firm that works best for your plan's size.
2) Who Is Going To Be Assigned To My Plan?
In many instances, the person that you speak with during a sales call is not the person who is actually going to be assigned to your plan. Finding out whether you will be given a point of contact who you can call anytime that you have a question or whether you are going to be asked to contact a call center goes a long way. Choosing a company that offers a direct contact is always in your best interests.
3) How Will You Keep My Plan Up To Date?
A truly experienced third party administrator not only has access to the proper resources that will ensure your compliance with government regulations, but they also have various procedures that are designed to make sure that your plan remains up to date at all times. If a government penalty takes place, these violations come at a great cost and you need to select a TPA that has a great deal of experience as far as government compliance is concerned.
4) Can You Disclose All Fees?
Now that fee disclosure rules have been made and these rules have been place for several years now, there should be zero confusion as to what fees are going to be charged for various services. Every third party administrator is not going to have the same pricing structure and you will need to ask about the fees that are going to be charged early in the process. Don't be afraid to do a little comparison shopping, but don't base your decision solely on price.
5) Do You Offer References?
There is nothing wrong with asking for a reference or two before you decide on the best third party administrators for your needs and the best TPAs in the Cleveland, Ohio area should have no problem with providing them. A top notch third party administrator in Cleveland, Ohio has the ability to offer clients a lengthy list of satisfied clients and they are typically happy to do so.