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In the end, it’s on you

One of the thankless parts of my job is dealing with plan sponsors with large issues and no sense of urgency in fixing them. The large issues, usually deal with a third-party administrator (TPA) that hasn’t done the work or won’t hand over the work, which kept the plan in compliance.

As a plan sponsor, you can’t dilly-dally with multiple 5500s outstanding and missing documents, dating to the 1990s. in the end, the problem, fault, and expense, will lie with you. The more time you waste and do nothing while the TPA doesn’t respond, means more potential liability and expense when the Internal Revenue Service and Department of Labor, target you.

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