When looking through retirement packages, you may notice that there are not only a lot of options, but there are a lot of people that are involved with the whole process. Understanding these different individual roles and the functions they play in your overall retirement package can help you make pivotal decisions in terms of your money and savings. The first of these participants is the record keeper. Read below as we explain what a record keeper is, what their specific functions are, and how they help your investments. 


What is a Record Keeper?


When it comes to the management of retirement plans, a record keeper’s primary function is to track your assets. They are responsible for monitoring how much money you have, where it is going, and what type of money it is. The record keepers are also primarily responsible for maintaining the accounting of the plan contributions and tracking what they have specifically earned.


Why Do You Need a Record Keeper?


With the complexity of retirement plans, a record keeper is essential in helping you keep track of your money and decipher which incoming dollar is which. The record keeper will know the specifics of your account and can relate to you how much you have invested and what you have earned from your investments. While the investment managers are there to manage the larger pool of money, the record keepers will be able to track your individual account and help split up the money if that is needed. 


Other Record Keeper Functions


The beauty of a record keeper is the many hats that they wear. They not only help keep track of your assets, but they also provide other services that can help you understand your overall investments. These functions include:

  • Providing individuals with retirement calculators and specific guidance.
  • They can request trades and other transactions within the participant accounts.
  • They will produce enrollment and educational materials.
  • They will review the operations and make sure everything complies with the various laws.
  • They will conduct specific research to improve services and stay competitive.
  • Record Keepers provide a crucial function in terms of your finances, and you must understand their role. By equipping yourself with this information, you will ensure that you are choosing the best retirement provider for you and your financial goals.

Have more questions about retirement administration? Schedule a plan discussion with us or take 30 seconds to find which plan is best for your company with the retirement plan evaluator.



What is the difference between a Recordkeeper and a Third Party Administrator (TPA)? (ND). By Justin Ladden. Bright Scope.

401(k) Recordkeeper: What They Do And What To Look For. (2016). By Esther Kim. For Us All 401k Blog.