When people are sick, especially with debilitating illnesses or diseases, it’s natural for them to travel far and wide to get the best medi- cal coverage possible. People who are ill will try to find the best medical coverage possible; they won’t hire a doctor because they’re the lowest price. So it’s kind of sur- prising that when it comes to the financial health of retirement plan sponsors, they skimp when it comes to hir- ing their plan providers. To save a few hundred dollars, they may hire a third-party administrator (TPA) who is incompetent and was only hired because they also happen to handle payroll. Plan sponsors need to make solid choices of retirement plan providers because it’s their neck on the line if they don’t. So this article is about the essential plan providers to hire and what to avoid when hiring them.
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