The leaves are falling, the pumpkin spice lattes are flowing, and in some places, retirement plans are giving employers a serious case of the creeps. At EGPS, we’ve seen it all: haunting deadlines, terrifying tasks, and compliance creatures lurking in the shadows. But fear not! Our 3(16) fiduciary services are here to sweep the cobwebs off retirement plans and banish those retirement ghouls for good.
Here are a few of the scariest issues we’ve exorcised lately—and how EGPS turned the boo! into woo-hoo!
1. The Phantom of the Pending Loans & Distributions
The (Totally Understandable) Horror:
Some clients come to us after realizing their loan and distribution approvals are taking longer than expected. And hey, when they’re managing a dozen other things at once, it’s easy to miss that participants are waiting…and wondering. But the result can be participants haunting HR with angry calls and plan compliance dangling by a thread.
The Exorcism:
Our 3(16) team is frightfully efficient. We review and approve these spooky requests within 24–48 hours, cross-referencing the Plan Document like a grimoire of retirement rules. No more restless spirits (er, participants), no more late-night howls from confused employees, and no more HR spell-casting to decipher plan terms.
The Treat:
Timely responses, calm participants, and a client finally free from the loan/distribution labyrinth.
2. The Curse of the Late Contributions
The (Very Common) Horror:
Contribution and loan repayment deadlines sneak up faster than a black cat on Halloween. And if employers don’t realize there is a 7-business-day window (or 3 for larger plans), they’re not alone. A lot of folks don’t know until it’s too late. Missed deadlines = creepy corrections and costly lost earnings.
The Exorcism:
EGPS’ 3(16) team sweeps in like a compliance ghostbuster. We handle all contribution submissions with precision and punctuality, ensuring every deadline is met—and no one has to summon the IRS goblins with a correction spell. And if there were past issues before we joined? Our compliance pros help with corrections, too.
The Treat:
Our clients sleep better knowing it’s all handled—and the IRS doesn’t come knocking with late penalties.
3. Attack of the Missing Notices
The (Completely Reasonable) Horror:
Annual notices? Required timing? Layers of fine print? These can be forgotten like last year’s Halloween candy stash. Many employers don’t realize participant notices are a thing—or don’t know when they are due. It’s the most common issue we see when new clients enlist our 3(16) services.
The Exorcism:
Our 3(16) team is on it like zombies on brains. We track every IRS/DOL deadline with supernatural precision and handle all notice deliveries on time—no ifs, ands, or Frankensteins.
The Treat:
Peace of mind, no penalties, and a client that never has to think about notices again.
4. The Mystery of the Missing Data
The (We-Totally-Get-It) Horror:
When year-end rolls around and it’s time to send in census data, many employers find themselves piecing together employee info like a jigsaw puzzle in the dark. Between turnover, multiple systems, and limited time, getting accurate census data can feel like raising the dead.
The Fix:
We’re here to turn on the lights. With your permission, our 3(16) team can pull the needed data directly from your payroll provider—no séance required. This not only saves you time and stress but also ensures that the data is accurate and complete, which helps keep your plan in compliance.
The Treat:
You avoid the annual data scramble, and we get exactly what we need to do our job. It’s a win-win (with no skeletons in the closet).
Don’t Fear! Let EGPS Be Your 3(16) Spirit Guide
Running a retirement plan shouldn’t feel like dodging ghosts in a dark hallway. EGPS takes the fright out of fiduciary duties, handles the details with care, and makes employers’ plans a whole lot less spooky. If retirement plan responsibilities are giving you the chills, let’s chat. Our 3(16) team is scary good at this stuff. We can brew up a better retirement plan together.
