Best 401k Third Party Administrators in the Northeast

If you’ve been using a third-party administrator (TPA) to handle the day-to-day tasks associated with maintaining a 401(k) plan, you may be asking yourself if you’re getting what you’re paying for. Or maybe if there are other options out there that could offer you more value for your money. Perhaps you may want a TPA that can take more responsibility off your plate or who can support a new plan feature you want.

No matter the reason, it may be time to rethink your provider. 

There are lots of 401(k) TPAs out there who can help. With so many options to choose from, how do you know which company is the right one for your plan?

Of course, we’d like to say that Complete Payroll Solutions is the best 401(k) third-party administrator. With over 7,000 clients and an A+ rating by the Better Business Bureau, we think we’re doing pretty great. But that doesn’t necessarily make us the best fit for you.

Every TPA has its own unique approach to expenses, service, and support. We believe it’s important to educate potential 401(k) plan sponsors about the selection process to make sure you find the right company for your needs. That’s why we’ve investigated these TPAs’ websites and other publicly-available information – so you don’t have to.

Here are nine of the best 401(k) third party administrators in the Northeast, listed in alphabetical order. One thing you may notice is that we didn’t put ourselves on the list. Whether you choose Complete Payroll Solutions or not, we feel it’s more important that you find the best 401(k) administrator for your plan.

Compass Retirement Consulting Group

• Year Founded: 2006
• Headquarters: Stratham, NH
• BBB Rating: N/A
• Number of Offices: 2
  • Concord, NH
  • Stratham, NH
• Plans Serviced:
  • Traditional 401(k) Plans
  • Safe Harbor 401(k) Plans
  • 403(b) Plans
  • Traditional Profit Sharing Plans
  • New Comparability Plans
  • Defined Benefit Plans
  • Cash Balance Plans

Downeast Pension Services, Inc.

• Year Founded: 1992
• Headquarters: New Gloucester, ME
• BBB Rating: A+
• Number of Offices: 1
• Plans Serviced:
  • Daily Valuation Arrangements
  • Self-directed Account Arrangements
  • Balance Forward Arrangements
  • Pooled Mutual Fund Accounts
  • All Types of 401(k) Plan Designs
  • Profit-Sharing Plans
  • Cross-tested or New Comparability Plan Designs
  • Money Purchase Pension Plans
  • 403(b) Plans

Northeast Benefit Services, Inc.

• Year Founded: 1982
• Headquarters: Rochester, NY
• BBB Rating: A+
• Number of Offices: 2
  • West Seneca, NY
  • Rochester, NY
• Plans Serviced:
  • 401(k) Plans
  • Safe Harbor 401(k) Plans
  • Cross-tested Plans  

Pension Consultants of Connecticut

• Year Founded: 1971
• Headquarters: Farmington, CT
• BBB Rating: A+
• Number of Offices: 2
  • Farmington, CT
  • Hilton Head, SC
• Plans Serviced:
  • 401(k) Plans
  • Profit-Sharing Plans
  • Defined Benefit Plans
  • Cash Balance Plans

The Angell Pension Group

• Year Founded: 1971
• Headquarters: East Providence, RI
• BBB Rating: A+
• Number of Offices: 1
• Plans Serviced:
  • Defined Benefit Plans
  • Municipal Plans
  • Cash Balance Plans
  • 401(k) Plans
  • 403(b) Plans
  • Defined Contribution Plans
  • Age-weighted and Cross-tested Plans
  • Nonqualified Plans 

The Kenneth D. Anderson Company

• Year Founded: 1979
• Headquarters: Concord, MA
• BBB Rating: A+
• Number of Offices: 3
  • Brockton, MA
  • Concord, MA
  • Johnson, Ri
• Plans Serviced:
  • Profit-Sharing Plans
  • 401(k) Plans
  • Money Purchase and Target Benefit Plans
  • Employee Stock Ownership Plans
  • 403(b) Plans
  • Defined Benefit Plans

The Pension Service (TPS) Group

• Year Founded: 1964
• Headquarters: North Haven, CT
• BBB Rating: A+
• Number of Offices: 4
  • North Haven, CT
  • Acton, MA
  • Westbrook, ME
  • Buffalo, NY
• Plans Serviced
  • 401(k) Plans
  • 403(b) Plans
  • 457 Plans
  • Defined Benefit Plans
  • Cash Balance Plans
  • MEP Retirement Plans
  • Profit-Sharing Plans
  • Public Works Plans

Third Party Administrators

• Year Founded: 1994
• Headquarters: Bedford, NH
• BBB Rating: A+
• Number of Offices: 1
• Plans Serviced:
  • All Types of Retirement Plans

Wells Thomas

• Year Founded: 2007
• Headquarters: Branford, CT
• BBB Rating: N/A
• Number of Offices: 2
  • Branford, CT
  • West Hartford, CT
• Plans Serviced:
  • 401(k) Plans
  • Profit-Sharing Plans
  • Prevailing Wage Plans
  • 403(b) Plans
  • 457 Plans
  • Cash Balance Plans
  • Traditional Defined Benefit Plans

Choosing the Right 401(k) Administrator for Your Business

We know that evaluating 401(k) TPAs can be daunting. After reading this, you should have a good idea of some providers that can administer your retirement plan.

But how do you tell which one is right for you? To make your decision, you’ll want to consider a few factors:

• Local Service: As you probably have experienced, good communication with any third party is vital. As a result, you may want to find a TPA who has a presence nearby, so look for a company with a local office that allows you to establish a face-to-face relationship. In-person contact not only enhances your understanding of the information being shared but can also help keep you focused and engaged.
• Price: Each TPA charges differently for their services. Generally, you will see costs ranging from $750 to $3,000 a year, with higher prices for more complicated plan designs. Shop around and be sure to ask for costs upfront and exactly what’s included to avoid hidden fees. You can also make changes to your plan design to potentially lower your TPA expenses. 
• Experience: Not all TPAs have the same experience. You’ll want to make sure your TPA has the necessary knowledge and background to understand your goals for your plan and keep you in compliance. 
• Product Support: All TPAs are not created equal in terms of the retirement plans they support so check to see if they specialize in your specific plan type, such as a cash balance plan or new comparability allocation. You’ll also want to make sure they can work with the mutual fund company, insurance company or independent retirement plan recordkeeper you’ve chosen.

As you evaluate TPAs, we’d be remiss if we didn’t let you know who Complete Payroll Solutions is a good fit for.

You should consider Complete Payroll Solutions if you are looking for a company who:

• Can help you avoid the year-end data crunch. We maintain all the necessary data on our platform to file Form 5500 and complete the compliance testing for the plan, minimizing the data collection work on your end.
• Specializes in meeting your legal obligations. Some TPAs may provide the necessary allocations or legal documents late in the filing process, putting you at risk of missing deadlines, so we make it a priority to give you any documentation well in advance of the due date.
• Offers great value with our administration pricing starting at $750 a year. 
• Provides added benefits that make administration even more seamless for you like uploading 401(k) contributions to your product provider.
• Offers creative plan design by using new comparability and age-weighted formulas.

If you want to offer a 401(k) plan to your employees but need help evaluating your options, read our blog about what to consider when choosing a 401(k) provider to make the right choice for your business.