3(16) Designated Administrator Services
Fiduciary responsibilities are an important part of offering a retirement plan.
What does that mean, exactly? A fiduciary is an individual who takes on the legal responsibility of care and trust for another, acting in the best interest of that individual. Many business owners don’t fully realize that by sponsoring a retirement plan, they assumes the role of plan fiduciary.
Those business owners who do understand their role as fiduciary, find that meeting the requirements of that role requires a good deal of time and expertise they may simply not have.
That’s precisely why we offer a menu of 3(16) Designated Administrator services purposely designed to remove that burden and place it on our shoulders.
Strategic Pension Services 3(16) Designated Administrator Services
When we serve as your Designated Plan Administrator, we will manage the details of plan operations not covered by your Financial Advisor or Recordkeeper; including:
- Sign and file Form 5500, with a signature from you
- Perform QDRO (qualified domestic relation order) determinations
- File QDRO reports
- File 404(a)(5) participant fee disclosure forms
- Perform annual 404(c) review ensuring suitability of investment lineup for risk, diversification, and ability to manage choices
- Provoide 408(b) vs. Fiduciary assistance covering the reasonableness of fees,
compensation, and services offered by retirement plan service providers - Management benefit payments
- Secure spousal-consent forms
- Manage blackout periods
- Provide a summary plan description
- Manage document requests
- File IRS form 8955 SSA
- Manage error corrections, with your acknowledgement
- Generate loan reports
- Calculate and generate eligibility reports
- Calculate and generate 415 limit reports
- Assistance with year-end data collection and validation
- Generate final census reports
- Complete year-end questionnaire for plan-sponsor confirmation
When we serve as your 3(16) Plan Administrator and have timely access to your payroll data, it means, in short, that we generate the reports necessary, provide the notices, cross all the t’s and dot all the i’s, sign on the dotted line, and file everything in a timely manner.
You can relax now. We’ve got your back.
Talk to us about reducing your responsibilities
