Administrative Simplicity
ADMINISTRATIVE SIMPLICITY
Experienced plan administrators formed MVP Plan Administrators, Inc. solely to provide professional, accurate, and timely consulting and administration on employer-sponsored qualified retirement plans. We are based in Cary, NC. While we are able to provide local service to most of our clients, we can still support clients throughout the country. In fact, we administer plans in over half the states in the country!
Employer-sponsored retirement plans are very complex and difficult to understand for most anyone. This is why we ONLY work on these types of plans. We don’t process payroll, administer Section 125 plans, sell insurance, etc… We focus on what we do and we do it very well!
Our job is not only to do our work very well, but to make sure you are comfortable with your role and responsibility. We will make sure you know what your responsibilities are and we will show you how you can easily meet them with our guidance.
3 THINGS TO REMEMBER
With all this complexity, you still have the fiduciary duty of choosing a TPA for your retirement plan. With MVP remember these 3 things:
- Customization
- High Service
- Low and Reasonable Fees
Customization
We will customize a plan design that is focused on what you want and need,; not what is easiest for us to administer. We often find that other providers will complete a plan document for you, but they will choose options that are the easiest for them to administer. Not only will MVP complete a plan document for you, but we will talk with you to find out what is most important to you and develop the plan document based on what you want!
Our customization doesn’t stop there! We will work with you every year to make sure the plan’s provisions are meeting your needs. We will also make recommendations based upon future legislation, changes to your corporate structure, changes to your employee base, and changes to your financial situation. We are a partner with you in your retirement plan.
Not only do we develop the plan design and keep it current, but we will work with the other service providers of your choosing. We will work with your investment advisor, your Record-keeping Custodian, your CPA, your attorney, your staff, and whomever else helps you be successful. This allows MVP to be an extension of your company!
High Service
We partner with you by
- Shouldering the administrative workload for you.
- Working in the best interests of you and your employees.
- Helping you with audits, administrative issues, testing, and filing requirements.
- Identifying your responsibilities and informing you of business or regulatory changes that will affect the plan.
Our service is what separates us from most other TPAs. We will never ask you to do what we can do for you! You may know of a few TPAs who require the following of you but we WON’T:
- You must calculate your own employer contributions.
- You must run the required tests using their software.
- You must answer every question on the Form 5500.
- You must complete the plan document in a different format.
We are NOT a “turn-key solution” or a “low-cost provider.” We are a firm that recognizes two simple truths:
- Retirement plans are very complex.
- You have better things to do with your time than retirement plans.
Low Fees
Fees are important. In fact, fees are so important that the DOL has final regulations going into affect on July 16, 2011, that require service providers to disclose all existing and potential fees and conflicts of interest. Not only that, but all plans with years beginning on or after November 1, 2011, are required to disclose a lot of fee and investment information about each mutual fund in the plan every quarter! Furthermore, any fee paid out of plan assets must be understood and reviewed by the plan sponsor. This analysis is a fiduciary requirement.
Because fees are so important to everyone, we have structured our fees to be as simple to understand as possible. We simply charge one annual fee based upon the range of employees you have for everything we do. The only other charge is a small fee up-front for our on-going plan document services. Also, we leverage our relationships to keep our fees as low as possible. Did you know that for many of our clients they pay us only $350 up-front and $950 per year for all of the work we do? The work we do is best summed up this way:
- We won’t hold, sell, or advise on the plan investments.
- We won’t “make-up” your employee census (either you or your payroll provider have to give us this).
- We won’t sign your name.
- We pretty much do everything else!
You may be asking yourself, “How can they provide “high service” and “low fees”? That’s an excellent question! Here’s our answer:
- We have smart, hard-working, dedicated employees who, not only are great at what they do, but they care!
- We have mastered retirement plan administration, but we still work hard and smart all the time to get better!
- We have great relationships with hundreds of investment advisors, numerous CPAs and payroll providers, and the leading record-keeping custodians in the country!
FINALLY . . .
We hope this information helps you make an informed decision about whether MVP is right for you. (No prescription drug disclaimer required).
Our promise to you is to commit our resources and expertise to provide you the customization, high service, and low fees you need!
You may contact us toll free at 1-866-687-6877 (1-866-MVP-MVPP) or by emailing us at
mvp@mvpplanadmin.com. Please visit our website at www.mvpplanadmin.com for more
information.
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