The PenServ 403(b) TPA Service is a sophisticated program that collects and tracks data from various 403(b) providers and posts the data to a centralized employer web site for employees to access consolidated account data. As an independent 403(b) TPA, PenServ provides a complete program that ensures compliance with the new regulations. And unlike many TPAs we have an ERPA (Enrolled Retirement Plans Agent) on staff that can represent you and the Employer in front of the IRS upon audit. They can save the Employer hundreds of dollars on hiring an attorney!
Remember now that the IRS has begun to audit for 2009, it is imperative that all forms and documents be reviewed for compliance. IRS is looking at this back to 2009. TPAs should have in their files the compliance checks that were done back in 2009 and 2010 and continue those procedures going forward.
PenServ Multi-Vendor*
- Secure systems to protect participant information
- Daily account updates
- Automated daily payroll processing
- Timely transfer of funds to investment providers
- Notification of scheduled payrolls due
- English and Spanish Internet
- Current Loan Information available to web site
- Coordination of Loan distributions and repayments
- Notification of past-due loans
- Monitoring of amounts available for hardship
- Notification of hardship suspensions
- On-line Enrollment
- Automated distributions (where permitted by investment providers)
- On-line standard or customized reports for Plan Sponsor
- Customizable Plan Sponsor Web Site
- Quarterly Plan Sponsor Reports
- Special Audit Reporting package
- Signature-ready IRS Form 5500 (where required)
- Toll-Free Participant Service Center
- Dedicated Relationship Team
PenServ currently administers 403(b) plans for:
- NonERISA K-12 Employers;
- ERISA Plans;
- Church Plans or RICAs; and
- Information Coordinator for NonERISA plans under 501(c)(3) (Remember you the Employer MAY NOT hire a TPA for this type of plan. Guidance from the Department of Labor is forth coming and is expected to provide some minimal exceptions to this rule.
- Multiple Employer Plans for Charter Schools; Church Associations and other employer organizations with multiple members.
* The PenServ system provides the most current data based on feeds from the investment providers.