…owners who sponsor retirement plans for employees as “3(16)” fiduciaries under federal law [ERISA Section 3(16)]. A 3(16) fiduciary is responsible for ensuring the plan is operated in compliance with the rules of ERISA day in and day out. One can say, the ERISA “buck…
…popularity, including the newest arrangements that credit interest based on market performance. The plan design discussion should no longer be limited to picking between one or the other—DB vs. DC, but, potentially, a combination of DB and DC. Why not have the best of both…
…many of the day-to-day administrative duties to a 3(16) fiduciary services provider. A 3(16) Plan Administrator is the fiduciary who manages the day-to-day administration of a retirement plan, not only performing traditional Third Party Administrator (TPA) services, but accepting responsibility for ensuring that they are…
…the plan, the ultimate amount available to the participant is determined by the account’s investment growth. The participant typically directs the employer (or plan administrator) to invest the assets among the options made available in the plan, and the growth depends on how those assets…
…have the plan design conversation? Cash Balance 101. Our virtual classroom is open and we want to provide you with the knowledge you need! Core Curriculum Plan Design best practices Strategic selection – which clients may be the best fit and why Talking points for…
…employer matching contributions to eligible employees when an employer miscalculates an employee’s compensation. The IRS urges plan sponsors to contact their plan administrator to ensure they have “adequate and sufficient” records about employment and payroll because, in many cases, the problem is caused by failing…
…the plan. The named plan administrator is responsible for many things including: making sure eligibility is determined correctly, making sure that a number of required notices and mailings go out every year, making sure that plan-related payroll is properly processed and more. They are also…
…greatest standard of care—or risk personal liability if they fall short. Employers Are Fiduciaries By default, employers (plan sponsors) are fiduciaries of the retirement plans that they maintain. First, Section 3(16) of the Employee Retirement Income Security Act of 1974 (ERISA) defines “plan administrator” as…
…have many plan designs and options to offer depending on what we determine may be a best fit for your clients. The temptation is to quote them what they ask for. We think the better approach is to first invest a little time in understanding…
…the right words so clients feel like they have a true partner. For example, discuss how and when you partner with attorneys, CPAs, and TPAs and recordkeepers to bring best-in-class service. Communicate how you proactively look for opportunities to optimize participation. Demonstrate how you and…
…every year, which means less time to focus on other, more critical parts of your business. Attend this course to learn about how to make the process easier, including tips on small plan vs. large plan filing status, schedules, and best practices for plan audits….