3(16) Administrative Fiduciary Services
Our 3(16) Administrative Fiduciary Services can help alleviate the day-to-day burden associated with an employer’s administration of a 401k plan. Certain tasks for which an employer is typically responsible are completed on the employer’s behalf in accordance with a separate service agreement. Using a 3(16) Fiduciary can never completely eliminate an employer’s fiduciary liability for the plan, but using 3(16) Administrative Fiduciary Services can lessen the burden of time-consuming administrative functions to allow business owners to focus on their business and its future.
Employers operating with a lean in-house staff benefit greatly from this service and can be confident that their plan is being administered correctly.
SPS 3(16) Fiduciary Services include:
- Approving and Signing Form 5500
- Distributing and documenting distribution of all required notices, disclosures, SPDs, and SMMs to participants
- Approving distributions and loans
- Reviewing and verifying accuracy of compliance testing
- Monitoring Plan Data
- Resolving Administrative Discrepancies
- And much, much more
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