A recordkeeper keeps track of retirement plan assets.
What is a recordkeeper?
Recordkeepers often maintain a website that retirement plan participants can use to check their balances, change their investments or contribution rate, or apply for loans. They’re responsible for producing account statements for plan participants, and they maintain customer services for plan participants.
Institutional and individual investors can use recordkeeping services to organize and store relevant documents created from their investment activities. This allows them to track their investments and share any legal documents if necessary. Recordkeepers charge a fee to cover the costs of these services. Some employers cover the employee while others pass the costs to employees.