How we elevate 3(16) Fiduciary services
We relentlessly build smarter plan administration tools
We’re focused on creating the best 401(k) experience for plan sponsors, one that doesn’t stop at investment advice, recordkeeper selection and choosing the fund line up. One that considers the role of the HR, benefits, and finance teams working behind the scenes to administer a 401(k) plan.
To achieve this, we built robust payroll integration that connects with over a dozen cloud-based payroll providers, eliminating manual work. And your plan will have automated compliance checks that run continuously to proactively fix and correct issues that may come up on the plan.
We make plan administration core to our 401(k) advisory practice
In addition to our focus on investments, we believe plan sponsors should not have to shoulder the burden of risking compliance errors and heavy plan administration work in order to offer a 401(k) plan.
Rooted in this belief, we offer full 3(16) fiduciary services on all of our plans, no matter the size. And we relieve our client of the work and liability for the following plan administration responsibilities:
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Review, process, and monitor all 401(k) loans
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Maintain plan documents for IRS/DOL laws
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Track employee eligibility and send the right notices and disclosures.
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Review, approve, process, and document all hardship withdrawals
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Make sure your employee communications meet the Department of Labor's requirements.
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Make sure nondiscrimination tests were run appropriately, then review, sign, and submit IRS filings (especially your Form 5500).
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Make sure 401(k) plan rules are followed (example: making sure contributions are legitimate, tracking loans, etc.)
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Notify plan administrator of any observed plan irregularities
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Ensure plan administrator maintains fiduciary insurance and a sufficient fidelity bond
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Ensure employee contributions are processed correctly and credited to employee accounts quickly.
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Manage and send participant notices and disclosures, including: Annual 404(a)(5) notices, Annual Qualified Default Investment Alternative (QDIA), Safe harbor notices, Summary annual reports, & Summary of material modifications
