3(16) Fiduciary Services

Are you aware of your responsibilities as a plan fiduciary? Need an expert to assist you with the complexities of plan operation? Our 3(16) Fiduciary services can save you time, so you can focus on the other aspects of your business.

With our 3(16) Fiduciary Support services, we will assist you in most of your day-to-day responsibilities for the plan, including:

Plan Document

  • Administer loan policy
  • Interpret plan document provisions
  • Maintain plan document for IRS/DOL laws
  • Notify plan administrator of any observed plan irregularities
  • Review fidelity bond complies with ERISA requirements

Plan Distributions & Withdrawals

  • Calculate and administer corrective distributions for failed non-discrimination testing
  • Approve applications for hardship withdrawals
  • Validate in-service withdrawal requests
  • Calculate loan maximums
  • Approve and administer Qualified Domestic Relations Orders (QDROs)
  • Calculate required minimum distributions and notify employees of requirements
  • Process separation-of-service and force-out distributions

Employee Management

  • Determine employee eligibility and plan entry
  • Monitor loan defaults
  • Review and upload vesting to plan providers
  • Review suspension of deferrals for hardship withdrawals
  • Receive and reciprocate employee deferral elections to payroll provider

Employee Notices & Disclosures

  • Prepare and distribute annual notices:
    • 404(a)(5) fee disclosure
    • Qualified Default Investment Alternative (QDIA) notice
    • Safe harbor notice (if applicable)
    • Employee Direction Notice under 404(c)
    • Automatic Contribution Notice (if applicable)
  • Prepare and distribute summaries of material modifications as needed

Government Reporting

  • Prepare signature-ready Form 5500
  • Prepare and e-file Form 8955-SSA
  • Prepare and distribute summary annual report
  • Review and reconcile large-plan Form 5500 and audit report
  • Verify required annual employer contributions

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