3(16) Fiduciary Service Providerstr0cko2
TRCO 3(16) Fiduciary Services
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
Review Fidelity Bond
Administer loan policy
Approve corrective refunds
Approve hardship withdrawals
Approve in-service withdrawals
Approve separation of service distributions
Monitor loan defaults
Review and upload vesting to plan provider
Notify Plan Administrator of Irregularities
Sign and file Form 5500
Sign and file Form 8955-SSA
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.