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 (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.
Click here to learn about items asked for from the DOL.
Click here to view the most common plan audit failures.
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:
Click here to view to view our 3(16) infographic.
Click here to download our 3(16) service levels.
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.