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Let Concierge Retirement Services manage and lessen the daily administrative and fiduciary responsibilities of your plan, allowing you to focus on other aspects of your business.
With over 40 years of experience servicing the needs of our clients, it is deeply embedded in our culture to provide exceptional client service. Part of that service is a commitment to stand side by side with our clients as a fiduciary under the plan.
What is a 3(16) Plan Administrator?
The 3(16) administrator is responsible for managing the day to day operations of the plan. The duties of the Plan Administrator are set by ERISA and the terms of the plan document.
What are some of the responsibilities that may be assigned to your 3(16) Plan Administrator?
- To act as named fiduciary under ERISA
- To determine eligibility of employees to participate in the plan
- To maintain all necessary records
- To interpret the plan and published rules and regulations
- To sign and file annual government forms: 5500/8955-SSA
- To obtain Fidelity bond for the plan
- To distribute participant notices
- To approve plan loans and distributions
- To interface with participants regarding plan questions
- To submit and/or review payroll contributions to ensure timely deposits.
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