Keith J Steidle, Managing DirectorIn conversations with Manage HR magazine, Keith J Steidle, REBC, QKA, CRPS, the Founder and Managing Director of SPS, is proud of how the company offers streamlined services to help clients maximize contributions and provide robust benefits to employees via a well-thought-out plan.
Roadblocks in the Administrative Services Arena
Having collaborated with employers for many years, it was evident to us that they often found it extremely confusing and complex to establish a new 401(k) plan on their own. Employers have a legal responsibility to ensure that their plans operate in accordance with the compliance requirements set forth by the Employee Retirement Income Security Act of 1974 (ERISA) regulations. To alleviate the day-to-day burden for employers of administrating a 401(k) plan, small to mid-size plan sponsors greatly benefit from the personalized attention and white-glove services provided by our credentialed and experienced staff located in 5 states throughout the country.
At SPS, we pride ourselves on simplifying the administrative processes associated with 401(k), 403b, and defined benefit plans. We help employers optimize the design of their retirement plans while reducing the costs associated with plan administration.
Second to None TPA Prowess
The biggest value we can drive for clients, especially in the small plan market, is delivering services more affordably than other TPAs. Our core offerings primarily revolve around four segments— annual administration services, Form 5500 preparation along with other IRS forms related to plans, document services, and recordkeeping services.
In the case of annual administration services, we help clients with annual compliance testing and year-end contribution calculations. Secondly, our expertise in File Form 5500 and other tax forms related to the plan allows us to offer the necessary information about the plan’s qualification, financial condition, investments, and operations.
We also specialize in document services, where we help the client maintain the plan document and keep it up-to-date with the regulations governing the plans. We also offer the required recordkeeping services for plans that use self-directed brokerage accounts.
A Guiding Light for Clients’ Administrative Concerns
Our team of seasoned administrators helps clients with plan design review, 401(k) regulation consultation, and the creation and delivery of participant enrollment materials. We can onboard and administer an organization’s plan by updating the plan documents, preparing the required participant notification, reconciling transferred assets, and creating new plan execution strategies.
Another service offering is our 3(16) administrative fiduciary services which can help alleviate burdens pertaining to an employer’s 401(k) plan administration. 3(16) administrative fiduciary services prove to be especially beneficial for employers operating with lean in-house staff, eliminating the burden of time-consuming administrative tasks and allowing business owners to focus on the critical aspects of their businesses. We also ensure that every plan is assigned a senior-level administrator who is well-versed with the client’s plan, participants, and business.
At SPS, we pride ourselves on simplifying the administrative processes associated with 401(k), 403b, and defined benefit plans. We help employers optimize the design of their retirement plans while reducing the costs associated with plan administrati
Our team also offers plan termination services for employers looking to close their plans and need guidance in navigating the difficult terrain around closing a qualified retirement plan. We can assist plan sponsors with our payroll integration services by transmitting participant contributions to the 401(k) recordkeeper during each payroll cycle.
A Personalized Touch with Every Client Engagement
Our customers form the highest priority for us, and we make sure that we learn about their constraints and goals right from the get-go. We gather all the necessary documents about a current plan’s operation and ask relevant questions to create the best plan for an employer. Our administrators then analyze the data and develop client-centric plan design recommendations. Following this, we schedule a consultation to review these suggestions, address clients’ queries, and discuss ways to best implement the right plan.
With institutional knowledge and accountability, our team of experts becomes an extension of clients’ teams and fosters a high level of service and trust to facilitate longstanding relationships with them. Our team members have various credentials ranging from qualified 401(k) administrators or QKA, registered employee benefits consultants or REBC, skilled pension administrators or QPA, to enrolled actuaries or EA.
Paving the Way for a Promising Future
For over 31 years, we have maintained a track record of being one of the fastest-growing TPAs in the U.S. This organic growth is attributed to our unwavering dedication and commitment to offering top-notch services to clients. Staying true to this promise, we continue to provide improved services that minimize the time taken on plan oversight and assist plan sponsors in meeting compliance deadlines. We also strive to expand our outreach to other states nationwide and serve more plan sponsors in the near future.
