ERISA Section 3(16) states the definition of “Plan Administrator” as responsible for the daily operation of the
plan. A Plan Administrator under ERISA 3(16) is identified in the Plan Document and if the Plan Document is not
specific, the Plan Sponsor is considered to be the 3(16) fiduciary.
Interpret Plan Document
Notify Plan Administrator of irregularities
Review Fidelity Bond
Administer loan policy
Approve corrective refunds
Approve hardship withdrawals
Approve in-service withdrawals
Approve separation of service distributions
Review suspension of deferrals for hardship withdrawals
Monitor loan defaults
Review and upload vesting to plan provider
Facilitate the search for missing terminated participants (as necessary)
Coordinate mailing notices and disclosures to newly eligible employees
Coordinate mailing Blackout notices to participants (as necessary)
Coordinate mailing annual notices and disclosures to eligible employees
Sign and file Form 5500
Sign and file Form 8955-SSA
Review Large Plan audit report
A Plan Sponsor has the ability to outsource these responsibilities to an independent third party, SAVING THEM TIME and REDUCING THEIR FIDUCIARY LIABILITY.
We Can Help You
A delegated 3(16) Plan Administrator is an outsourced HR function that saves you time by relieving many of the day-to-day burdens associated with sponsoring a plan.