As the entity responsible for overseeing your clients plan’s administration and selecting investment options, you are a fiduciary. Every retirement plan must have at least one named fiduciary. For most plans, the plan sponsor serves that role and is always considered a fiduciary regardless of other named fiduciaries in the plan document or anyone hired to assist them with their duties.
The Department of Labor (DOL) recognizes plan fiduciaries will almost certainly require them to hire service providers willing to take on some of the fiduciary duties on their behalf. The most commonly known co-fiduciaries are:
Several events can trigger a DOL or IRS audit, such as employee complaints or self-reporting under the annual submission of the Form 5500. Often times a DOL audit is a random event, and initial letter sent by the IRS or the DOL in connection with a retirement plan audit.
A delegated 3(16) plan administrator is an outsourced HR function that saves you time by relieving many of the day-to-day administrative burdens associated with sponsoring a plan. Including:
Plan document services
Distribution services (review, authorize and sign)
Participant management services
Participant notice and disclosure services
Government reporting services
What makes us different - We will be the sole trustee of your retirement plan. This makes us responsible. The only two items we do not become responsible for is timelessness of your deposits and the accuracy of the information provided in the census. Just because we are not responsible, does not mean we do not help.
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