Unfortunately, too many retirement plan service providers fail to clearly communicate a very important fact: As a plan sponsor, you may be a fiduciary to the plan.
Simply stated, this means that, as fiduciary, you are responsible for ensuring your plan’s many tasks and details are done on time and done correctly. Failure to meet this responsibility can potentially lead to fines assessed to you personally.
Good News
We can alleviate this headache by serving as your 3(16) plan administrator, which offloads your fiduciary responsibility onto the shoulders of our expert team.
Our 3(16) Fiduciary Services may include (based on the recordkeeper selected):
- Overall operational compliance
- Document compliance
- Mandatory interim restatements
- Form 5500 filing
- Annual audits
- New-hire processing
- Auto-enrollment administration
- Automatic contribution increase administration
- Default investment administration
- ERISA §105 employee benefit statement
- Reasonableness of fees
- Prudent monitoring and selection of service providers
- Benefit determination and disputes
- Administration of beneficiary rules
- Non-discrimination testing
- Summary annual reports
- Allocation of unallocated monies by plan year-end
- IRC Sec 72(p) loan administration
- Limitation calculations
- Annual notices
- Personal liability under ERISA 409
- Segregation of assets by source
- Coverage testing and corrections
- Involuntary distributions
- Distributions / Hardship distributions
- Qualified Domestic Relations Orders (QDROs)
- Lost/missing participants and unclaimed benefits
- Plan termination and partial terminations
- Spousal consent
- Summary Plan Description (SPD)
- Summary Material Modifications (SMM)
- Timely remission of deferrals and loan payments
- Blackout notices
- Response to participant inquiries
- Participant fee disclosures
- Form 1099R administration
- Required minimum distributions
- Top-heavy minimum benefits
- Overpayment acceptance/rejection of rollovers and transfers
When you select our 3(16) Fiduciary Services, you’ll reduce your administrative burden, save time, and mitigate your fiduciary risk and exposure. But most of all, you will gain peace-of-mind, knowing that your Executive Retirement Plans experts have your back.
Looking for peace of mind?