Q2 2025 Newsletter

Recent changes in tax law have expanded the flexibility employers have when it comes to establishing and funding retirement plans. If you haven’t yet set up a retirement plan for 2024, we have good news: it might not be too late!

When most people think about retirement plans and pensions, what comes to mind are the big-name players: government systems, large corporations, and the financial institutions that support them such as banks, brokers, and investment firms. These organizations tend to be the visible “faces” of retirement savings, managing assets, issuing account statements, and promoting their expertise through marketing and media. But behind the scenes, there’s another essential player who often goes unnoticed: the Third-Party Administrator, or TPA. In a previous post, we explored how TPAs have emerged to meet vital client needs that large investment firms often overlook, such as tailored plan design, compliance, and personalized service. If you missed that article, click here to read it before diving into today’s topics: The risks of relying solely on asset-driven providers, and why personalized plan administration still matters.

Navigating the numerous retirement plans offered in the marketplace can be confusing, even before considering the many myths surrounding the topic. In our work with clients, we hear about these misconceptions that often steer employers in the wrong direction. In this second installment of an ongoing “myth-buster” blog series, we address three more of the most common retirement plan myths that we hear. For our first installment, click here .

Part I: A Brief History of TPAs When discussing retirement plans and pensions, many people immediately think of public sector entities and large corporations and the financial institutions that support them, such as banks, brokers, and investment firms. These entities tend to appear as the visible “faces” of retirement savings: managing assets, issuing account statements, even airing commercials touting their investment expertise. But what many folks don’t realize is that there's another key player behind the scenes: an entity called a Third-Party Administrator, or TPA. In today’s post, we explore the history of the Third-Party Administrator, beginning with the rise of retirement plans in the U.S.