Employers frequently asked questions
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Why should we add ASPire Financial Services as an investment provider to our Plan?
ASPire Financial Services is a record keeper that can act as an investment provider for a non-profit Employer (district/college/church/NPO). We provide a platform that can support mutual fund solutions in a conflict-free environment. We do this by granting access to our platform to any investment firm.
What investments are available?
ASPire Financial Services, through their custodian, MG Trust Co. LLC, has access to over 400 fund families, limited only by request of the Employer or their Third Party Administrator (TPA) for nominal custodial fees.
Will ASPire Financial Services sign Information Sharing Agreements (ISA) from our district/college?
Yes, ASPire Financial Services will sign ISAs from Employers, pending review of any extraordinary changes to standard documents.
Are information sharing agreements (ISA) necessary with the mutual fund investment companies within the ASPire Financial Services platform?
No, when ASPire Financial Services signs an ISA with an Employer, it covers access to any of the mutual fund families offered.
Is there a charge to the district to add ASPire Financial Services as an investment provider?
No, ASPire Financial Services does not charge Employers any fees to use their services as an investment provider.
Will ASPire Financial Services work with our appointed Third Party Administrator (TPA) and or Common Remitter?
Yes, ASPire Financial Services will work with any TPA / Common Remitter, and has relationships with over 30 firms currently.
Does ASPire Financial Services require that the Employer have a Third Party Administer (TPA)?
No, an Employer can choose to do the administrative work on a plan. The Employer should consult with IRS requirements regarding reporting responsibilities.
Does ASPire Financial Services provide Third Party Administration (TPA) services?
No, ASPire Financial Services does not provide TPA services, but can recommend a TPA through our Alliance Network, if requested.
Can the Employer restrict investments?
Yes, the Employer has control over which investments are offered to employees by ASPire Financial Services.
Can employee/participants retain the services of their existing financial advisor?
Yes, the ASPire Financial Services platform provides investment firms the ability to service their existing clients.
Can the Employer approve which financial advisors can operate on the ASPire Financial Services platform?
Yes, any investment firm access to a plan through ASPire Financial Services is subject to the Employer's approval.
Do employee/participants have to have a financial advisor associated with their account?
No, a participant can certainly self-direct their 403(b) account, if they so choose.
What are the fees to participants?
ASPire Financial Services, for its record keeping services, charges a $40 account fee and a custody fee of 15 basis points (0.15%) of the account value annually. These fees are broken out of the participant's accounts monthly. In most cases, up to $20 of the account fee is used to offset some or all of the TPA's fees.
How are contributions processed?
For deposit/remittance instructions, Employers should go to our Employer site and, under Quick Links, click on Contribution Process for all remittance instructions, as well as payroll roster transmittal instructions.
Does the Employer send contributions to each of the mutual fund families available on the ASPire Financial Services platform?
No, though ASPire Financial Services offers funds from over 400 fund families, we act as a single vendor, and as such an Employer need only send one check to our office.
Does the Employer have online access to view participants that elected to use ASPire Financial Services?
Yes, an Employer can request online access to view all participants enrolled through ASPire Financial Services in their plan.
Where can I find an Enrollment Form?
Once on the site, select “Plan Search”. This link will give you the option to select your “State” and “Plan/District Name”. Next, please click on “Plan Details” located under Quick Links. Here you can find your plan’s most current enrollment form.
Where do I send the completed Enrollment Forms?
Fax to: 813.466.7523 ||| Email to: enrollments@aspirefinserv.com ||| Mail to: ASPire Financial Services ||| ATTN: Enrollments
5310 Cypress Center Drive Cypress Center II, Suite 101 Tampa, FL 33609