3(16) Fiduciary Services

 

The 401(k) rules get more complicated every year with new regulation. This increases the liability on business owners and trustees who are responsible for making sure their plan is running exactly as it should. Benefit Solutions, Inc. can run your plan for you as the named Plan Administrator for your plan and be a 3(16) Administrative Fiduciary. As a 3(16) Administrative Fiduciary, we provide the services listed below.

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1. We keep you in the loop on everything we do for the plan.
    

2. We track eligibility for newly hired employees.
    

3. We provide all forms, notices and disclosures to newly eligible employees.
    

4. We provide all required notices and disclosures to current participants in the plan.
    

5. Process all deposits and loan payments and track them for timeliness.
    

6. Approve all distributions and loans form the plan.
    

7. Approve all hardships and verify the legitimacy of the hardship.
    

8. Communicate with all parties on a QDRO as well as approve and process the QDRO.
    

9. Sign the annual Form 5500 as Plan Administrator.
    

10. Maintain the ERISA Fidelity Bond and ensure the amount is adequate per DOL requirements.

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Contact us today to learn more about our 3(16) Fiduciary Services and how they can help your plan run smoothly and efficiently..

 

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