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.
Services Provided
- 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 loans
- Approve QDRO
- Approve RMD’s
- 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.
