Get What's The Difference Between 'recordkeeping' And Administration?

TPAs vs. While TPAs are responsible for the regulatory and administrative aspects of your 401(k), the recordkeeper maintains records of the assets, investments, and contribution sources in your plan, usually by tracking an “account” for each participant. The recordkeeper will: Allocate assets to participant accounts.

Recordkeepers may make transfers or other requests such as executing trades requested by plan participants. Recordkeepers record the money that comes into the plan, including contributions, loan payments, and rollovers—and the money that goes out, like distributions and loans.

A participant recordkeeping fee is a fee charged to participants in employer-sponsored retirement plans, such as 401(k) plans, to cover the cost of recordkeeping and administrative services provided by the plan's service provider.

TPAs vs. While TPAs are responsible for the regulatory and administrative aspects of your 401(k), the recordkeeper maintains records of the assets, investments, and contribution sources in your plan, usually by tracking an “account” for each participant. The recordkeeper will: Allocate assets to participant accounts.

Recordkeepers may make transfers or other requests such as executing trades requested by plan participants. Recordkeepers record the money that comes into the plan, including contributions, loan payments, and rollovers—and the money that goes out, like distributions and loans.

The record-keeper's job is to create a paper trail of transactions, including balances, contributions, and the purchase or sale of assets. The custodian of a 401(k) reports to the plan's trustee, who is able to control plan assets.

The record-keeper's job is to create a paper trail of transactions, including balances, contributions, and the purchase or sale of assets. The custodian of a 401(k) reports to the plan's trustee, who is able to control plan assets.