A Third Party Administrator (TPA) is an organization or an individual that processes transactions and/or claims; or certain administrative aspects of employee benefit plans for a separate entity. Companies who offer employee benefits such as a 401k plan (or other retirement plan) will generally outsource the administration of the claims and transaction processing, since the TPA is performing a task traditionally handled by the company.
A TPA is responsible for running many daily aspects of a retirement plan. The TPA you use is very important because they make sure that the plan stays qualified under the IRS rules, and helps preserve the tax deferred status of the contributions set aside in the retirement plans of participants.
Here are some examples of what the TPA does for a retirement plan:
- Amendments and the restating of plan documents
- Assisting with the processing of distributions from the plan
- Preparing loan paperwork for plan participants
- Testing the retirement plan each year to check compliance with all IRS non-discrimination requirements as well as plan and participant contribution limits
- The allocation of employer contributions and forfeitures
- Calculating participant vested percentages
- Preparing annual reports as required by IRS, DOL, and other government entities.
Mr. Kelly is an expert in online marketing, search engine optimization, content development and content distribution. He has consulted some of the top brokerages, media companies and financial exchanges on online marketing and content management including: The New York Board of Trade, Chicago Board Options Exchange, International Business Times, Briefing.com, Bloomberg and Bridge Information Systems and 401kTV.
He continues to be a regular market analyst and writer for ForexTV.com. He holds a Series 3 and Series 34 CFTC registration and formerly was a Commodities Trading Advisor (CTA). Tim is also an expert and specialist in Ichimoku technical analysis. He was also a licensed Property & Casualty; Life, Accident & Health Insurance Producer in New York State.
In addition to writing about the financial markets, Mr. Kelly writes extensively about online marketing and content marketing.
Mr. Kelly attended Boston College where he studied English Literature and Economics, and also attended the University of Siena, Italy where he studied studio art.
Mr. Kelly has been a decades-long community volunteer in his hometown of Long Island where he established the community assistance foundation, Kelly's Heroes. He has also been a coach of Youth Lacrosse for over 10 years. Prior to volunteering in youth sports, Mr. Kelly was involved in the Inner City Scholarship program administered by the Archdiocese of New York.
Before creating ForexTV, Mr, Kelly was Sr. VP Global Marketing for Bridge Information Systems, the world’s second largest financial market data vendor. Prior to Bridge, Mr. Kelly was a team leader of Media at Bloomberg Financial Markets, where he created Bloomberg Personal Magazine with an initial circulation of over 7 million copies monthly.
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