Working with Today's Retirement Plan; Third Party Administrators (TPAs)
Retirement Research Inc, January 2011, Pages +: 70
This report outlines various TPA service models, recent trends with TPA offerings by key providers including distribution and marketing strategies and our insights into the opportunities and challenges in the TPA marketplace.
The TPA Interface model has become a significant distribution channel for providers in the small market and is continuing to gain momentum in the lower mid-market. As illustrated in the following diagram, TPAs controlled approximately one half of all new plan sales for the 2010 year and the trend is expected to continue into 2011. While half of very small plan sponsors and their advisors elect the partially unbundled TPA Interface approach when selecting a new provider, usage of a bundled approach over TPA Interface increases with plan size. The presence and percentage of TPAs offering a fully bundled solution also increases with plan size as TPAs maintain servicing of larger plans by bundling services themselves. Often these are different TPAs than those that focus their practice on the TPA Interface model.
In the $1 million to $10 million segment TPAs often both partner with providers in a TPA Interface model and compete with them by offering a bundled solution themselves depending on the preferences of a given plan sponsor and his advisor. For larger plans, TPAs (mostly bundling plan services themselves and with advisors), provided services for 35% of plans over $10 million, competing directly with national providers.
- Background
- Introduction
- What is a TPA?
- Primary Service Model - Defined
- Producing vs. Non-Producing TPAs – Observations
- Characteristics of Producing TPAs
- Characteristics of Non-Producing TPAs
- TPAs and the 403(b) Markets
- TPA Marketplace – A Historical Perspective
- Today’s TPA Marketplace
- Market Trends and Key Findings
- Provider Initiated Trends
- TPA Initiated Trends
- TPA Challenges and Opportunities
- National Provider Resource Summary
- Sales and Resource Support
- Services Actively Offered
- Reimbursement Program Summary
- Summary and Conclusions
APPENDIX I - Detailed Key Provider Service Offerings
APPENDIX II – Detailed Representative Provider TPA Reimbursement Programs
APPENDIX III – Detailed Service Functions and Responsibilities
APPENDIX IV – Glossary of Terms
- American Funds
- Great-West Life
- Hartford Life
- ING
- John Hancock
- Lincoiln Financial Group
- MassMutual
- nationwide
- OneAmerica
- OppenheimerFunds
- Principal Financial Group
- Transamerica
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