3(16) Fiduciary Services
Red Bank, N.J.- Northeast Professional Planning Group, Inc., (NPPG) a leading regional employee benefits, retirement planning and actuarial consulting firm has announced the launching of its ERISA 3(16) fiduciary service.
Employers that provide a retirement savings plan have a fiduciary responsibility to keep the plan in compliance with the Employee Retirement Income Security Act (ERISA). Plan sponsors unable to meet this requirement could be subject to costly fines and face possible litigation from participants.
NPPG’s ERISA 3(16) fiduciary service includes oversight of the day- to- day retirement plan operations such as: reasonableness of vendor compensation under 408(b)(2), providing summary plan descriptions, complying with participant disclosures under 404(a)5 and 404(c), approving plan QDRO’s and other distributions, approving, signing and filing IRS Form 5500, and other responsibilities.
“Employers provide a retirement plan to attract and retain top talent but find the ever increasing demands on the plan sponsor to be an administrative burden. As the compliance landscape continues to evolve, many plan sponsors and trustees realize that they are not able to meet their administrative obligations and want a firm who will do it for them.” commented Michael M. Salerno, Founder and CEO of NPPG. “As a full-service employee benefits, retirement planning and actuarial consulting firm, we are highly experienced with the complexities of ERISA compliance regulations, therefore it was a natural solution to expand upon our services to include that of a 3(16) fiduciary.” Mr. Salerno continued, “Our ERISA 3(16) fiduciary service can alleviate much of the strain on the plan sponsor’s internal resources enabling them to focus on company growth.”
“Over the past several years, the pension industry has seen a rise in claims against plan sponsors from displeased participants,” added Mr. Salerno, “As the appointed 3(16) plan administrator we relieve the plan sponsor of certain financial liability. Plan sponsors can feel confident knowing that our fiduciary service enables their plan to be administered efficiently while minimizing its exposure to risk.”
About Northeast Professional Planning Group
Northeast Professional Planning Group (NPPG) is an independent full-service employee benefits, retirement planning and actuarial consulting firm, administering more than $2 billion in assets and more than 2,000 plans for clients nationwide. NPPG operates with our clients’ best interest in mind, customizing solutions to meet their business and financial goals. Clients include school boards and government agencies, members of the New York stock exchange, public companies and small entrepreneurial businesses.
For further information, contact Northeast Professional Planning Group, Inc. corporate office in Red Bank, NJ at (732) 758-1577 or visit us online at www.nppg.com.