Which provider may fit which reader
Pango and Tenet answer different diligence needs. Pango gives readers more public setup and maintenance inputs to model before a call, while Tenet gives readers more public language around TPA administration, employee tracking, Form 5500 help, and sale or dissolution support. The practical choice depends on written quotes and contract terms, not on a universal winner.
ROBS means Rollovers as Business Startups: eligible retirement assets move into a new qualified retirement plan sponsored by a C corporation, and that plan buys stock in the corporation. A TPA is a third-party administrator that helps design, install, and administer the retirement plan; hiring one does not remove the plan sponsor's fiduciary and filing responsibilities. The IRS describes ROBS as a structure in which rollover assets purchase stock of a new C corporation, and the DOL says fiduciaries must prudently select and monitor service providers.[1][2]
Setup, money movement, and custody
A standard ROBS sequence is not a personal withdrawal or a loan. The C corporation sponsors a qualified plan, eligible retirement assets roll into that plan, the plan purchases employer stock, and the corporation receives operating capital. That structure is why the provider's setup work, plan documents, stock records, valuation support, bank or custody instructions, and annual administration matter after funding day.[1]
Pango gives more public detail about the opening steps. Its checked pages identify DreamSpark plan design, articles of incorporation, first-year registered agent service, state filing fees, EIN and plan ID applications, bank-account instructions, stock certificates, stock issuance calculations, corporate records, rollover forms, corporate bank-account instructions, and plan bank or custodial account instructions.[4][5] Pango also states that it will never hold retirement funds, which makes the custody trail a written-record item rather than something to infer from the marketing page.[4]
Tenet's checked ROBS page describes establishment of a C corporation and 401(k) plan, plan design, installation, administration, rollover of funds into a new plan, and plan investment in the company stock.[7] It does not, in the checked public pages, specify who obtains EINs, who opens bank or trust accounts, which custodian or brokerage is used, or what account documents the client receives. Those items should be requested in writing before engagement.
Ongoing administration and employee obligations
A ROBS-funded company sponsors a real qualified retirement plan. If employees satisfy the plan's eligibility rules, they generally cannot be treated as if the plan exists only for the founder. The IRS flagged participant information, contributions, stock purchases, valuation, Form 5500 or 5500-EZ, and Form 1120 as compliance-check topics, and it specifically warned that amending a plan to block other employees from participating after the determination-letter stage can create qualification problems.[1]
Pango says its $129/month maintenance includes preparing Form 5500, compliance testing, documentation maintenance, plan reconciliation, participant statements, vesting, eligibility tracking, and plan-design help based on current employee participation and corporate goals.[4][6] Tenet says employees can participate, that its administrator helps track eligibility and contributions, and that Tenet helps file annual Form 5500 for the ROBS 401(k) plan while the CPA handles the corporation's Form 1120.[7]
For both providers, the written service agreement still needs to answer who prepares participant notices, who signs filings, who monitors contribution limits and nondiscrimination testing, what employee-count changes cost, and whether cybersecurity, data export, and record-retention terms are adequate. The DOL's fee guidance treats service-provider selection and monitoring as an ongoing fiduciary duty, not a one-time shopping exercise.[2]
Valuation and employer-stock risk
Employer stock is the center of the ROBS transaction. The plan receives stock in one private C corporation, so retirement-plan value becomes tied to the business. The IRS lists stock valuation and stock purchases among ROBS compliance-check questions and lists valuation of assets among specific problem areas.[1]
Pango's valuation language is useful but narrow. Pango says DreamSpark includes a certified business valuation for new businesses, and its comparison page says the valuation service is provided by an independent certified third-party valuation firm only for brand new C corporations that were not capitalized prior to engagement of the service.[3][5] Pango's FAQ adds that if the investment is in an existing C corporation, the customer must obtain a third-party valuation from a certified business appraiser.[4]
Tenet's checked pages do not state employer-stock valuation support, annual fair-market-value support, appraiser independence, or valuation fees. That does not mean Tenet lacks a process; it means a prospective client should not treat valuation as included until Tenet provides the scope, actor, timing, and price in writing.
Pricing math: Pango can be modeled; Tenet cannot
Pango's public pricing requires two scenarios because the checked provider sources conflict. The $4,695 scenario appears on Pango's ROBS page, FAQ cost answer, and DreamSpark comparison page.[3][4][5] The $3,995 setup reference appears in the FAQ answer about whether Pango receives a commission.[4] Both scenarios use the same $129 monthly maintenance input, which equals $1,548 per year.[4][6]
This page does not select $3,995 as the controlling current price and does not average the two setup figures. It preserves both provider-controlled statements and treats the written quote as controlling for the reader's case.
Tenet setup, recurring, first-year and three-year remain unknown because the checked Tenet pages do not publish complete price inputs.[7][8] No Tenet total is computed. A Tenet quote should state setup fees, recurring administration fees, billing cadence, pass-throughs, participant charges, valuation costs, amendment or correction fees, and exit or plan-termination fees.
Sale, shutdown, and contract terms
Exit support matters because a ROBS plan owns employer stock. A sale, dissolution, redemption, shutdown, or plan termination can require valuation, stock redemption or distribution decisions, final retirement-plan filings, corporate tax coordination, participant notices, and legal or CPA review.
Tenet is more explicit than Pango in the checked public sources about sale and dissolution support. Tenet says that when it is time to dissolve the corporation or sell the business, the Tenet administrator will walk the client through the step-by-step process to stay in line with IRS rules and regulations.[7] That statement is not enough to price the work or identify every required actor. The written agreement should state what Tenet does, what the CPA does, what counsel does, who handles valuation, who signs final filings, and what exit work costs.
Pango's checked sources do not state sale, dissolution, plan termination, stock redemption, data export, refund, or cancellation terms. Pango does publish that it is not a lender, fiduciary, trustee, financial advisor, or legal advisor and that retirement-plan fiduciaries and trustees, not Pango, are responsible for customizing the plan to the employer and participants.[3][5][6] Those boundaries make the contract review central for both providers.
Risks and questions to ask before choosing
The main provider decision is not only price. ROBS can avoid immediate tax and debt service when executed correctly, but it also concentrates retirement assets in one private company. If the business fails, the retirement account can lose value with the business. The IRS ROBS project reported business failures, bankruptcy, liens, dissolutions, lost retirement savings, recurring promoter fees, legal issues, Form 5500/Form 1120 failures, valuation issues, and participant-access problems among examined plans.[1]
A practical next step
Start with identical written requests to both providers. Give each provider the same facts: rollover amount, account type, current-employer restrictions, business type, state, entity status, target closing date, employee count, expected hiring, franchise or acquisition context, other financing, and planned exit path. Ask for a written fee schedule and responsibility matrix before comparing quotes.
Then review the quote with the professionals who will still matter after setup: a CPA for the C corporation and Form 1120, an ERISA or benefits professional for plan obligations, a valuation professional when employer-stock value is not routine, and business counsel for acquisition, franchise, corporate, sale, shutdown, or redemption documents. A provider can make administration easier, but the owner and plan fiduciaries still need to understand what is being signed.
Sources checked
- IRS ROBS compliance project
Official source reopened July 31, 2026: a ROBS plan uses rollover assets to purchase stock of a new C corporation; IRS compliance checks focus on plan status, contributions, rollovers/direct transfers, participants, stock valuation and purchases, Form 5500/5500-EZ, and Form 1120. Determination letters do not protect operational failures, discriminatory operation, or prohibited transactions.
- DOL retirement plan fees
Official source reopened July 31, 2026: plan fiduciaries must prudently select and monitor plan service providers, evaluate whether services are necessary and reasonable, understand bundled and unbundled fees, and review service-provider compensation, participant information, cybersecurity practices, and ongoing performance.
- Pango 401(k) ROBS Business Financing
Provider-controlled source reopened July 31, 2026: Pango describes DreamSpark as ROBS business financing, lists just $4,695, incorporation setup, certified business valuation for new businesses, registered agent services, low monthly maintenance, customized retirement plan, 24/7 online account management, and states Pango is not a lender, fiduciary, trustee, financial advisor, or legal advisor.
- Pango common questions
Provider-controlled source reopened July 31, 2026: Pango states a one-time $4,695 setup fee including DreamSpark plan design, articles preparation and filing, first-year registered agent, certified business valuation for new businesses, state fees, non-California expedited fees, EIN and plan ID applications, corporate templates, bank-account instructions, and stock documents. The same page separately says a flat setup fee of only $3,995 and $129/month maintenance. It says Pango never holds retirement funds, eligible employees must be offered participation, and existing C-corporation valuation must be obtained by the customer.
- Pango DreamSpark comparison
Provider-controlled source reopened July 31, 2026: Pango lists a $4,695 setup fee, $129 monthly maintenance, online setup/status/forum features, certified business valuation for new businesses, incorporation, state filing fees and expedited service except California, EIN, corporate record book, stock certificates and stock ledger, plan document, plan TIN, bank-account and rollover assistance, and a note that valuation is only available for brand-new C corporations not capitalized before engagement.
- Pango DreamSpark Plan and Maintenance
Provider-controlled source reopened July 31, 2026: Pango says onboarding and compliance specialists set up and manage the DreamSpark plan; maintenance access includes Form 5500, compliance testing, documentation maintenance, plan reconciliation, participant statements, vesting, eligibility tracking, plan-design help, and $129/month. The footer repeats that Pango is not a lender, fiduciary, trustee, financial advisor, or legal advisor.
- Tenet Financial Group ROBS Funding
Provider-controlled source reopened July 31, 2026: Tenet describes itself as a Third-Party Administrator specializing in ROBS plan design, installation, and administration; says typical funding is 4-5 weeks; describes establishment of a C corporation and 401(k) plan; says employees can participate, the administrator helps track eligibility and contributions, Tenet helps file annual Form 5500, the CPA handles Form 1120, an administrator is available for eligibility tracking, contributions, IRS filing requirements and consulting, and the administrator walks through dissolution or sale. Tenet says it does not provide tax, legal, or investment advice.
- Tenet Financial Group Partners
Provider-controlled source reopened July 31, 2026: Tenet says it partners with franchisors, consultants, brokers, funding partners, CPAs, and professionals; collaborative partnerships cover financing and business startup processes; the page displays franchises Tenet says it has funded. Partner and referral language does not prove direct lender-packaging duties, loan approval, included financing, or provider-paid partner services.