What Is a Chartered Retirement Plans Specialist (CRPS)?

Financial advisors who want expertise in helping businesses create and manage appropriate employee retirement plans can obtain a Chartered Retirement Plans Specialist (CRPS) certificate. This designation indicates that an advisor has successfully completed a course of study about the implementation and administration of company-sponsored retirement plans.

Consider working with a financial advisor as you create or modify your retirement plans.

What Is the CRPS?

The CRPS program is overseen by the College for Financial Planning, a part of the Kaplan professional education business ¹ . It is specifically for advisors, sales representatives, record keepers and others who specialize in working with employer-sponsored retirement plans.

CRPS holders can assist private and for-profit businesses, as well as non-profit organizations and governmental bodies. They are knowledgeable about various types of plans, including 401(k) and SEP plans. They can also help set up plans and manage them in compliance with applicable regulations.

CRPS Services for Clients

The CRPS credential focuses on one specific corner of the retirement planning world: employer-sponsored plans.

The curriculum covers several areas.

• Defined benefit and defined contribution plans
• 401(k)s, SEP and SIMPLE plans
• Plan administration
• Distribution rules
• Claims handling
• Penalties
• Plan termination

This is not a broad financial planning designation. Instead, it is for professionals who help set up businesses and manage their employees’ retirement plans.

The client in a CRPS relationship is typically a business, not its employees. This can include several types of businesses.

• A small business owner who wants to offer a 401(k) for the first time
• A nonprofit that needs to evaluate its current plan structure
• A growing company transitioning from a SEP to a more robust plan

The problems a CRPS can help solve are operational and regulatory in nature.

• Choosing the right plan type for a company’s size and workforce
• Ensuring the plan complies with ERISA and IRS rules
• Handling required filings and testing
• Setting up contribution matching formulas
• Managing the amendment or termination of a plan

A CRPS is most useful at specific decision points in a company’s life. Launching a brand-new retirement plan, switching plan providers and merging plans after an acquisition all require specialized knowledge of employer-sponsored plans. It can also apply when responding to a compliance issue flagged during an audit or deciding whether to add a Roth 401(k) alongside a traditional one.

The CRPS does not prepare an advisor to handle individual retirement planning, investment management, tax strategy or estate planning for the business owner personally. Instead, it is scoped to the plan itself. Business owners who also need personal financial guidance should find a financial advisor with additional credentials suited to those needs.

How Much Do Clients Have to Pay for a CRPS?

CRPS holders work across several different business models, so a financial advisor’s cost depends on what role they play in retirement planning. Some are financial advisors who serve as the plan’s investment consultant and charge a fee based on total plan assets. Others work for record-keeping firms or third-party administrators. They receive compensation through service fees built into the plan’s operating costs. A smaller number operate as independent consultants who bill employers directly for plan design and compliance work.

For advisors who serve as investment consultants to the plan, the most common arrangement is to charge fees based on plan assets. The percentage typically decreases as total plan assets grow. A plan with $2 million in assets will generally pay a higher rate per dollar than one with $20 million. Some advisors charge a flat annual fee instead, particularly for smaller plans where a percentage-based model might not generate enough revenue to justify the engagement.

How much a business ultimately pays can depend on how the plan’s costs are allocated. In some arrangements, the employer pays the advisor’s fee directly. In others, the fee is deducted from plan assets, which means employees indirectly bear the cost through slightly lower returns. Understanding who is paying and how can help business owners evaluate whether the plan’s total expense structure is competitive.

Businesses evaluating a CRPS advisor can review the advisor’s Form ADV Part 2 if the advisor has an active investment advisor registration. This document is publicly available through the SEC’s Investment Adviser Public Disclosure database and describes the advisor’s fee schedule, services and any conflicts of interest ² . CRPS holders who work for record-keeping firms or third-party administrators rather than advisory practices may not have a Form ADV on file.

Questions to Ask a CRPS

Before hiring a CRPS, business owners should ask the advisor a few questions.

• Is the advisor’s fee paid by the company or deducted from plan assets?
• How does the fee compare to industry benchmarks for plans of similar size?
• Does the advisor receive any revenue-sharing payments from the funds offered in the plan?
• What services does the quoted fee cover versus those that apply separately?
• How often will you review the fee arrangement?

These questions can help an employer assess not only the cost of working with a CRPS but also whether the plan’s participants are getting a fair deal.

CRPS Certification Requirements for Advisors

To qualify for the CRPS certificate, applicants must complete a set of educational courses, pass a final exam and agree to follow a code of conduct ³ . The program costs $1,375, and no prerequisites are necessary to apply for a CRPS.

You can access the curriculum two ways. You can take live online classes by faculty members from any location. There is also an on-demand model that includes instructor-led lectures available at any time.

The course material covers different types of plans, including defined benefit and defined contribution plans, 401(k) plans, SEP and SIMPLE plans. In addition to setting up the plan, CRPS holders can advise businesses on administering the plan, distributions, handling claims and penalties and terminating a plan.

Students must take a 30-question quiz after each module and pass a final exam. The three-hour final has 80 questions and requires 70% correct answers. Students who don’t pass it on the first attempt can try twice more.

As with many financial certifications, there are continuing education requirements. To maintain a CRPS certificate, holders must complete 16 hours of continuing education every two years and follow a code of ethics. There is a $100 renewal fee every two years ⁴ .

CRPS Jobs for Advisors

In addition to advisors bolstering their knowledge and credentials, the CRPS may be appropriate for those pursuing a Master of Science in personal financial planning from the College for Financial Planning.

Completing the CRPS requirements is considered equivalent to one semester hour of graduate-level coursework.

CRPS Powers and Privileges

The CRPS is an optional certification that requires specialist training and demonstrates the holder’s interest in retirement plans. However, it doesn’t grant these advisors any special powers or privileges. 

The college categorizes this as an early-career credential. This means it falls between entry-level certificates, such as the Life Underwriter Training Council Fellow (LUTCF), and mid-career designations, such as the Accredited Wealth Management Advisor (AWMA). More advanced certificates include the Certified Financial Planner (CFP®).

If you have a complaint about the way a CRPS has conducted your business, you can file a complaint with the College for Financial Planning. The college’s ethics committee will investigate and take appropriate disciplinary action.

Comparable Certifications

Several retirement planning certifications are comparable to the CRPS.

• Accredited Retirement Plan Consultant (ARPC) from the Society of Professional Asset Managers and Recordkeepers (SPARK) ⁵ . This is primarily for sales and marketing professionals. It requires approximately a year of relevant work experience, and you must pay $1,030 for both training and testing fees ⁶ .

• Certified Retirement Counselor (CRC) by the International Foundation for Retirement Education ⁷ . To get a CRC, advisors must meet minimum education and work experience requirements, take a $575 test and follow a code of ethics.

• Fellow, Secure Retirement Institute (FSRI) by the Life Office Management Association (LOMA) ⁸ . Recognized but no longer available, this certification required completion of a course of study, passing a final exam and paying a fee.

Bottom Line

Earning a CRPS requires completing a course of study on company retirement plans, passing a test and agreeing to follow a professional code of conduct. While not as prestigious as more advanced certifications, such as a CFP, the CRPS demonstrates a financial professional’s specialist training in employee retirement plans for businesses. Advisors typically acquire this certification early in their careers.

Tips on Retirement Planning

• A business owner considering a retirement plan for employees can get help designing, implementing and managing the plan from an experienced financial advisor. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
• One quick way to determine if you have enough to retire on is to use a free retirement calculator.

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