词条 | Pension administration in the United States |
释义 |
Investment brokersInvestment brokers (or Financial Advisors, as they have been called in recent years), come in many varieties. Some specialize in organizational retirement plans while others specialize in managing the personal assets of wealthy individuals. The later category come upon an occasional organizational retirement plan in the course of their main business, at which time the pension administration firm is brought in. Investment brokers are generally personable people who are known and trusted within a given community, thereby acting as an effective business channel. Ideally a pension administration firm forms alliances with a handful of investment brokers who specialize in organizational retirement plans. But it is not uncommon to possess a long list of potential referral sources that have only yielded one or two plans in the past. The organizational retirement plan knowledge possessed by investment brokers can range from very high to very low, with the later category depending on the pension administration firm to a higher degree for maintenance of the client relationship. Investment Brokers are overseen by various organizations according to the licensure they carry, including an associated broker-dealer, Financial Industry Regulatory Authority (FINRA),[10] and the appropriate state department of insurance. Classifications of pension administration firmsPension administration firms operate in several different ways. Possibly the most common form is the third-party administrator, (TPA).[11] The third-party administrator is an independent firm that does not sell associated investment products. An example of such a firm is Pension Administration and Trust Accounting (PATA) in Ipswich, MA. [12] Another such firm is Panagiotu Pension Advisors, Inc., which is located in the Greater Seattle area (University Place, WA).[13] A Pension administration firm can also be a division of a larger corporation engaged in the retirement plan business, such as with Principal Financial Group. The term "bundled" is sometimes used to refer to such an arrangement,[14][15][16] with yearly plan maintenance work takes place under the same roof as investment management and custody services. Investment platformsPension plans, by their nature involve investment of funds for the benefit of plan participants. There are several arrangements through which these funds are held in custody and invested. Traditional pension plans and some older defined contribution plans have one omnibus brokerage account where plan trustees invest participant funds for their benefit. In this case the participants have no control over investment decisions. These accounts are typically held at traditional brokerage houses, such as Morgan Stanley or UBS. The more common arrangement in today's market, however, involves the use of an integrated platform that allows participants to access their account balances through a technology system and change their investment elections as they see fit. John Hancock Insurance and QED Financial Systems are just two examples of a long list of firms offering such services.[17][18] TechnologyBeginning in the 1970s technology has played a growing role in the pension administration business. One prime example is the participant access platforms mentioned in the previous section. In addition, many complicated actuarial calculations and statistical tests previously undertaken by hand are now managed through software applications.[19][20] Many business management tools are also now available to provide for workflow management and efficient client communication. Many activities previously carried out through U.S. Mail or United Parcel Service are now performed electronically via secure web connection. Regulatory presenceNew laws governing the operation of pension plans are frequently discussed and implemented. Recent examples are the Pension Protection Act of 2006 [21] and EGTRRA.[22] These laws, while viewed as a nuisance to many companies who offer retirement plans and pension industry workers alike, are important to the pension administration industry because of significant revenue generation above and beyond standard yearly retainer fees. Updating a retirement plan to comply with legal changes typically can generate $1–2,000 per event, and sometimes more depending on special circumstances. While the laws often take several revisions to address their intended purpose, they usually serve to address a significant industry problem, such as the lax oversight of 403(b) plans in recent years.[23] See also
References1. ^{{cite web|url=https://www.irs.gov/pub/irs-pdf/i5500.pdf|title=Instructions for IRS Form 5500}} 2. ^{{cite web|url=http://www.nipa.org/education/|title=NIPA Education}} 3. ^{{cite web|url=http://www.asppa.org/credentials/cred_over.htm|title=ASPAA Professional Credentials Overview}} 4. ^{{cite web|url=http://www.raymondjames.com/small_business.htm|title=Raymond James: Small Business}} 5. ^{{cite web|url=http://www.johnhancock.com/products/401k.html|title=John Hancock 401(k) Plan Service Overview}} 6. ^{{cite web|url=http://www.orba.com/Services/Services.aspx?serviceType=5|title=ORBA Employee Benefit and Retirement Plan Audits}} 7. ^{{cite web|url=http://www.dol.gov/ebsa/faqs/faq_auditwaiver.html|title=USDOL: Frequently Asked Questions On The Small Pension Plan Audit Waiver Regulation}} 8. ^{{cite web|url=https://www.irs.gov/pub/irs-pdf/f5500ssb.pdf|title=IRS Form 5500, Schedule SB - Single-Employer Defined Benefit Plan Actuarial Information}} 9. ^{{cite web|url=http://www.dol.gov/dol/topic/retirement/|title=USDOL: Retirement Plans, Benefits & Savings}} 10. ^{{cite web|url=http://www.finra.org/AboutFINRA/index.htm|title=About the Financial Industry Regulatory Authority}} 11. ^{{cite web|url=http://www.plansponsor.com/pi_type10/?RECORD_ID=45414|title=Wis. TPA Hires New Sales Consultants at Plansponsor.com}} 12. ^{{cite web|url=http://www.pata-pension.com/|title=PATA web site}} 13. ^https://www.ppatpa.com/ 14. ^{{cite web|url=http://www.plansponsor.com/pi_type10/?RECORD_ID=45473|title=Morgan Stanley Expands Retirement Plan Platform at Plansponsor.com}} 15. ^{{cite web|url=http://www.plansponsor.com/pi_type10/?RECORD_ID=45671|title=401kDIRECT Teams Up to Offer ETFs at Plansponsor.com}} 16. ^{{cite web|url=http://www.plansponsor.com/pi_type11/?RECORD_ID=46104|title=Bundling Trend Running Out of Steam? at Plansponsor.com}} 17. ^{{cite web|title=Internet Participant Access System|url=https://www.thexch.com/userprofile.aspx?ShowServiceDetail=Y&ShowProduct=Y&fldPSID=5820&UserID=uqFRmudzvPM=|website=The Exchange|accessdate=14 January 2015}} 18. ^{{cite web|url=https://www.jhancockpensions.com/do/home_page/homeRedirectionAction|title=Example of 401(k) plan participant access point}} 19. ^{{cite web|url=http://www.ebgsystems.com|title=listing of EBG technology solutions}} 20. ^{{cite web|url=http://www.datair.com|title=listing of Datair technology solutions}} 21. ^{{cite web|url=http://www.dol.gov/EBSA/pensionreform.html|title=the U.S. Department of Labor PPA Page}} 22. ^{{cite web|url=https://www.irs.gov/retirement/article/0,,id=122798,00.html|title=Extension of the Remedial Amendment Period for EGTRRA as posted by the Internal Revenue Service}} 23. ^{{cite web|url=https://www.irs.gov/retirement/article/0,,id=172430,00.html|title=IRC 403(b) Tax-Sheltered Annuity Plans as posted by the Internal Revenue Service}} 3 : Retirement plans in the United States|Financial services in the United States|Accounting in the United States |
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