As the entity responsible for overseeing your 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 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:
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
To learn more about the benefits of hiring a delegated 3(16) Plan Administrator Relief Services (PARS), watch the webinar below.