Companies are struggling to manage the ever-growing regulatory needs of the retirement plan industry. Even amidst narrow profit margins, survival has become challenging due to high competition. The expense and effort of handling retirement plan administration in-house are constantly increasing while compliance with the Employee Retirement Income Security Act (ERISA) guidelines and new rules and regulations such as SECURE Act and CARES Act adding to the pressure. Hiring an in-house team is a full-time expense. Since the plan administration tasks are repetitive, employee retention is also difficult. Outsourcing retirement plan administration allows organizations to address these challenges and ensures compliance.
