You have an Attorney, CPA and Financial Advisor…are you missing an ERISA 3(16) Plan Administrator to complement your team of business professionals?
Business owners understand the relationship and reasons for partnering with an Attorney, CPA and Financial Advisor. These partnerships allow the business owner to focus on their line of business while leaving legal, accounting and financial concerns in the hands of their advisors. Even with this suite of professionals the business owner still maintains sole fiduciary liability overseeing the administration, plan management and decisions of their retirement plan. To ensure they reduce corporate and personal liability for fiduciary responsibilities, prudent business owners align themselves with NPPG Fiduciary Services (NPPG-FS) as their ERISA 3(16) Plan Administrator.
NPPG-FS competently navigates the complex fiduciary landscape for you, mitigating the business owner’s personal fiduciary responsibility associated with their corporate retirement plan.
Whether large or small, employers that provide a retirement plan to their employees have a fiduciary responsibility to keep the plan compliant with the Employee Retirement Income Security Act (ERISA). Most Plan Sponsors (employers), as well as plan committees, human resource professionals, officers and directors are aware of this fiduciary responsibility. What is unclear to most, about their fiduciary role, is their own personal liability to restore any losses to the plan if the basic standards of conduct set forth by ERISA are not followed.
Appointing NPPG Fiduciary Services (NPPG-FS) as your ERISA 3(16) Plan Administrator will alleviate not only the labor burden associated with the day to day administration but also much of the liability inherent in your corporate retirement plan. Partnering with NPPG-FS allows you to utilize your expertise to focus on your business, while we focus our expertise on the fiduciary compliance and administration of your plan such as: signing your Form 5500, executing loans and distributions, determining participant eligibility and much more.
Under ERISA 3(16) the Plan Administrator is the fiduciary specifically named in the plan document that is responsible for handling all plan operations. When NPPG-FS is appointed as our client’s ERISA 3(16) Plan Administrator, we will competently manage the oversight of the daily plan operations as well as take on a significant portion of the fiduciary liability enabling the business owner to focus on their company and its future.
3(16) Administrative Fiduciary Services include:
- A named Plan Administrator in the Plan Document
- Verify accuracy, sign and file Form 5500
- Annually reconcile census data for accuracy
- Monitoring duties
- Regularly benchmark vendor fees & services
- Documented fiduciary administrative process
- Review and authorize loans, QDRO’s, hardships & distributions
- Determination of participant eligibility
- Review and distribution of mandatory notices
- Respond to IRS, DOL and litigation inquiries
- Accept legal process
- Verify proper spousal consent prior to distributions
- Distribution of Summary Plan Descriptions (SPDs) & Summary of Material Modifications (SMMs)
- Review and authorize rollovers into plan
- Determination of participant disability
(This list is not inclusive of all plan administrative responsibilities delegated to NPPG-FS.)