Who Oversees A 401(k) Plan

 September 18, 2025

There are three main parties involved in a 401(k) plan:

  1. The record keeper, which is also known as the 401(k) provider or 401(k) vendor, is the entity that holds the funds and investments. The record keeper also tracks contributions.
  2. The third-party administrator, which is also known as the TPA, is the legal team for the plan. When documents need to be signed, the TPA will assist. They’re also in charge of the governing document for the plan, the tax filing for the plan, and ensuring the employer is in compliance.
  3. The advisor is the role played by the Retirement Plans division of Bluegrass Investment Company. The advisor should be the main point of contact the employer because they will be able to answer any questions or know who to go to if the answer is out of their purview. This party also provides employee education. For example, our team visits with a 401(k) plan’s employees at least once a year, either in a group setting or one-to-one. The goal is to answer questions from employees and provide updates.

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