John Hancock is celebrating its second-annual National TPA Day and is urging other firms and industry stakeholders to pause and recognize the contributions and expertise of third-party administrators (TPAs).
According to John Hancock, TPAs are instrumental in supporting financial advisers and plan sponsors alike as they go about their respective roles in delivering employer-sponsored retirement plans.
“National TPA Day is an opportunity for us to recognize the unique value, local expertise and high-touch service TPAs deliver to the industry,” observes Patrick Murphy, president of John Hancock Retirement Plan Services. “We created this annual celebration to thank TPAs for their ongoing partnership.”
The firm says TPAs and plan design consultants offer compliance expertise, helping to ensure a variety of unforgiving obligations are met under the Employee Retirement Income Security Act (ERISA) and other key pieces of the benefits law. “They also provide customer service and administration to help with retention, and they keep plan sponsors informed of legislative and regulatory changes,” the firm says.
John Hancock encourages other firms to help recognize the work of TPAs by observing National TPA Day annually on the first business day following the final Form 5500 deadline. This year, the filing deadline fell on Monday, October 17, making today National TPA Day.