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Whether they are providing a certain process or an end-to-end solution, technology providers may be a reason you are happy with your recordkeeper or TPA, explains Rebecca Moore, Managing Editor, PLANSPONSOR.com.
Excerpts from the article.
As a plan sponsor, you know what entity provides administration services and recordkeeping for your defined contribution (DC) retirement plan—whether it’s a recordkeeping provider or third-party administrator (TPA).
But do you know what is behind all of the processing your recordkeeping provider or TPA does?
There are a number of technology providers in the retirement plan market that offer certain processes for recordkeepers with their own proprietary or legacy systems, as well as end-to-end recordkeeping for TPAs. According to Balaraman Jayaraman, co-founder and CEO of Congruent Solutions in the San Francisco Bay area, a lot of legacy platforms do not really lend themselves to leveraging modern technology to provide a better customer experience, so Congruent launched a suite of technology solutions for the industry.