Listen, I get it working with a payroll company to administer you retirement plan may seem like a good idea. It's what I would call a smooth sale. They already have payroll and are processing things, so it only seems like a natural fit to have them do your plan administration, right?
As a business owner myself, I understand how all our time is pulled in different directions, and seemingly helpful offer can seem innocent enough, yet I am telling you today it can be fraught with risk. This is truer today than ever before. We live in a busy, litigious society. Here's the rub... in potentially outsourcing your retirement plan to a payroll company, you are NOT, I repeat NOT removing yourself from liability, and I would argue, you are likely taking on more. Why? Well, simply they are not experts in retirement plans, and the ability to move payroll funds does not make them one, anymore than getting a license to drive means you can race an indy car. Experience and knowledge is everything. All TPA firms do compliance work, testing and filing of your 5500 - at magii, we believe some just do it better than others.
Now, if you've fallen into this situation, rest assured, all is not lost. There is a way of getting your payroll company to work with a local third party administration firm, such as ours at magii pension. This will enable you to get personalized design, compliance and administration work that need, with local people you will know and who will know you! In doing so, you get substantially improved plan risk reduction with a true subject matter experts.
We've moved a lot of plans over in the past several years and our clients and their staff are all the better for it. We are happy to extend to you an offer to work with your organization to see if we are a good fit and how we can help.
I wish you continued health and success!
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