A financial advisor goes out to a small business owner and presents three options for a 401(k) record-keeper. He talks about each of the record-keeper’s due diligence on the funds, the investment fees, the enrollment material, and the website. There is a lengthy and robust discussion about the pros and cons of each record-keeper. At some point in the process, the financial advisor explains that a third party administrator (TPA) will do the plan document, Form 5500/Form 5500-SF, and the IRS-required nondiscrimination testing. Usually the time spent on the choice of TPA is minimal, but sometimes a representative of the TPA attends the meeting.