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Podcasts are a convenient way for savers to boost their personal finance knowledge.
Heard of a third-party administrator and want to learn more? Bankrate explains.
A third-party administrator (TPA) is an organization that handles certain administrative responsibilities for other organizations. TPAs typically take on claims administration, loss control, risk management, and retirement plan administration.
There is no one-size-fits-all model when it comes to TPAs. One company may hire a TPA to oversee their insurance claims and 401(k)s, while another may use a TPA to help with COBRA or return-to-work programs. There are more than 4,000 possible combinations of products and supplemental services for which a TPA can charge.
Outsourcing the administration of insurance, 401(k)s, retirement plans, or even day-to-day human resources allows companies to focus on what they do best rather than worry about administrative tasks.
How much is outsourced to a TPA depends on the size of the company and how much it can afford to spend. A small company may find it less expensive to handle its own services and benefit packages, but it makes perfect sense for a large company to hand over those duties to a TPA and use their employees’ talents in another way.
Generally, working for a TPA requires a background in banking, finance, accounting, or private insurance. Applicants with degrees have an advantage when it comes to getting a job, and those with experience and business skills have the edge when it comes to getting promoted.
Whether or not your company uses a TPA to manage its 401(k) plan, it’s always a good idea to run the costs through Bankrate’s 401(k) contribution calculator.
Podcasts are a convenient way for savers to boost their personal finance knowledge.
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There are many ways scammers can steal identities and use them for gain, usually of a financial nature.
A significant portion of Americans experience financial worries.
Identity theft is a term that covers a variety of crimes in which someone steals another person’s personal information.
Look for a plan with a reputable provider that offers services that make you feel confident.
If you discover the breach early and act without delay, you could minimize the damage.
Here’s a breakdown of where identity theft occurs most often, according to FTC data.
Stay alert and don’t think identity theft can’t happen to you.