Let Us Keep Your Qualified Plan Compliant
A delegated 3(16) plan administrator is an outsourced HR function that can reduce your fiduciary responsibility by 98%, can reduce your day to day responsibilities by 99%, and will reduce the overall cost of your plan by 32% - 65%.
We also become listed "TRUSTEE" and Co- ADMINISTRATOR.
Follow the department of labor's recomendations and OUTSOURCE your plan management.
Billion in 2014
The press release headlines are sobering: “U.S. Labor Department files suit to remove trustees,” “Department of Labor files suit to recover unpaid contributions to 401(k) plan.” And “Judge orders trustees to restore losses.”
Many corporate executives are designated as a named fiduciary for their company’s 401k plans. Unfortunately, running a profitable business usually has a higher priority than the ongoing maintenance of the firm’s retirement plan. It’s too bad, that the executive’s fiduciary liability does not diminish in line with the lessened functions in the executive’s duties. Fortunately, ERISA provides the plan sponsor with several opportunities to reduce that fiduciary liability.
The Department of Labor website is overflowing with cases of regulators taking action against employers accused of mishandling employee benefit plans. The sad part is, most of the time it is not intentional. We have all heard the saying. “it’s not what we know that hurts us.” As you ponder outsourcing 401(k) services, understand that there are differing levels of fiduciary protections to consider.bility
Many plan sponsors have well-deserved strong relationships with their plan’s vendors. The modern 401(k) plan would not be possible without their ongoing investment in record-keeping, compliance and other systems. Admin316 does not take the place of the vendors. Acting as the appointed Plan Administrator, our mission is to manage them to insure that the plan remains in compliance with the prevailing legal requirements at all times and they receive no more than reasonable fees for their work.
3(16) PLAN ADMINISTRATION
As the entity responsible for overseeing your 401k plan’s administration we serve as your plans listed trustee. Every retirement plan must have at least one named trustee. Admin316 will take on that role.
Understanding each parties role in your qualified plan is important. Who is the TPA, the Recordkeeper, the Custodian? Who is responsible for the plan investments. Is it our advisors? Are they licensed to serve as the 3(21) or 3(38)? Who is responsible for what? Most important, is it in writing?