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Products June 9, 2009
TPA Announces Same-Day Deferral Investment Program
CPI Qualified Plan Consultants, Inc., a Great Bend, Kansas-based third-party recordkeeping and administration company, unveiled a program to invest employees' salary deferral contributions the day they are withheld from participants' paycheck.
Reported by
Fred Schneyer
The same-day investment program is available to all clients who utilize CPI’s retirement plan administrative services along with payroll services through CPI’s payroll unit, according to a news release.
“Department of Labor regulations require payroll contributions to be invested as soon as administratively feasible,” said Jon Prescott, CPI’s chief marketing officer, in the news release. “We’ve found, however, that many of our clients want their contributions invested much quicker—on payday, in fact.”