401(k) Recordkeeping Services

Accurate recordkeeping and compliance with government regulations are crucial for defined contribution plans. A recordkeeper records and maintains provided participant information, investment elections, contributions, withdrawals, and other activities. Given the oversight by government agencies, maintaining thorough and precise records is essential.

Navigating the variety of recordkeeping options available can be overwhelming. From large insurance carriers and fund companies to payroll providers, many options come with potential biases or conflicts of interest. Some providers prioritize their own investment products or treat recordkeeping as a secondary service. For unbiased, expert program management, an independent recordkeeper is the ideal choice.

This is where Ekon excels. We focus exclusively on delivering best-in-class service for our clients, ensuring a seamless experience for both employers and participants, free from the influence of proprietary product sales.

With Ekon, you gain a dedicated team focused on the smooth operation of your retirement program. We understand the profound impact a successful retirement plan has on your business and your employees’ futures.

401(k) Recordkeeper vs. TPA (Third-Party Administrator)

When exploring outsourced retirement plan services, you may encounter the terms “TPA” (Third-Party Administrator) and “401(k) recordkeeper” and assume they refer to the same thing. However, TPAs and recordkeepers perform distinct roles for clients.

Third-Party Administrators (TPAs) are responsible for helping ensure that retirement plans comply with Internal Revenue Service (IRS) and Department of Labor (DOL) regulations. They update plan documents to meet current standards, prepare annual reports and tax documents, and review retirement plan programs each year to ensure compliance with coverage and nondiscrimination rules.

Recordkeepers, on the other hand, maintain detailed information and track the transaction activity of account holders in defined contribution plans. Many recordkeepers provide online platforms where participants can monitor their retirement accounts. While recordkeepers focus on tracking individual plan activities, TPAs oversee the overall compliance of the plan itself.

Managing a defined contribution plan requires both precise recordkeeping and diligent compliance oversight. Using separate providers for recordkeeping and TPA services can lead to administrative headaches and increase the risk of miscommunication. Ekon simplifies this by bundling both services, offering plan participants a single point of contact. Our dedicated plan specialists (DPSs) provide comprehensive expertise in both recordkeeping and third-party administration, ensuring a seamless experience for employers and plan participants.

Partner With Ekon for Complete Plan Management

Ekon makes retirement planning easy by acting as your plan consultant, TPA, actuary, and recordkeeper—all in one.

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The Ekon Advantage: Streamline Your Recordkeeping and TPA Services

We are an experienced partner dedicated to taking the complexities of recordkeeping off your shoulders. As a retirement plan provider, we understand that your focus should be on your business, not deciphering regulations or troubleshooting investment transactions. At Ekon, we offer a comprehensive suite of services to ensure your plan runs smoothly, freeing you to focus on your core business.

Seamless Recordkeeping

Our secure recordkeeping system tracks participant information, contributions, investments, and distributions with pinpoint accuracy. Plan participants can access their accounts through a user-friendly online portal, reducing administrative burden for your HR team.

Dedicated TPA Support

Our Third-Party Administration (TPA) support can go beyond recordkeeping. We meticulously monitor employer sponsored plan operations for compliance with all IRS regulations. We handle complex tasks like annual testing and participant communications, mitigating fiduciary risk.

Enhancing Employer Reputation and Retention

A seamlessly managed, participant-friendly retirement program boosts employer reputation as a top-tier employer, aiding with recruitment and retention.

If you’re looking for a full-service retirement plan provider that genuinely cares about you and your plan participants, contact us for further details.

Make the Switch to Ekon Benefits

We are here to help. Take the first step in becoming a valued client of Ekon Benefits.

Or write to info@ekonbenefits.com