Shannon Edwards: Closing the Retirement Coverage Gap

Be More Than A Fiduciary

For over 20 years, Shannon and her team at TriStar Pension Consulting have acted as a secret weapon for financial advisors, CPAs, small businesses, and plan sponsors. They are the go-to resource for plan design, fixing broken retirement plans, client presentation support, and high touch customer service.

Since starting the firm over two decades ago, her goal has been to provide a deeper level of retirement plan knowledge and service for clients, as well as a flexible workplace for employees. Today, they are one of the leading providers of retirement plan administration for small businesses.

Shannon is a credentialed member of the American Society of Pension Professionals and Actuaries (ASPPA) and the National Institute of Pension Administrators (NIPA). She currently serves on the ASPPA Leadership Council and as a member at large on the board of directors of the American Retirement Association (ARA). Shannon co-chaired the ARA Women in Retirement Conference (WiRC) as well as the ASPPA TPA Growth Summit. She has also served on several fund-raising committees and supports many non-profits locally such as Infant Crisis Services, Make a Wish Oklahoma, and Cleats for Kids.

If you are a financial advisor, CPA, or a business owner with retirement plan questions, please be sure to connect with Shannon on LinkedIn. You can also email her at [e-mail]

In this episode, Eric and Shannon Edwards discuss:

• What does a TPA do?
• The advantages of hiring a third-party administrator
• Why it’s important to build financial literacy in employees
• The importance of constant learning for advisors and sponsors

Key Takeaways:

• The job of a TPA is to make sure that people involved are compliant with all the rules and regulations and that documents like forms, audits, and financial statements are being filed.
• There are a lot of advantages to hiring a third-party administrator and that include personalized service, quick response times, and a dedicated relationship builder.
• Companies must focus on building financial literacy for employees in order for them to discover why it’s necessary and advantageous to save in a retirement plan. Employer-sponsored savings vehicles are crucial for encouraging employees to save for retirement.
• Plan sponsors must strive to educate themselves and keep learning as much as possible about their fiduciary responsibilities. They, along with financial advisors, should also read and learn about changes in the industry in order to stay informed and avoid ignoring important information.

“As a third party administrator, our job is to keep the plan sponsor, and the fiduciary serving the plan out of 401k jail.” - Shannon Edwards

Connect with Shannon Edwards:

Website: https://tristarpension.com/

LinkedIn: https://www.linkedin.com/in/shannonedwardsplanconsultant/ / https://www.linkedin.com/company/tristar-pension/

Facebook: https://www.facebook.com/TriStarPension/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: [phone]

Email: [e-mail]

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.