3(16) Fiduciary Services

Why it's Important

When a business owner sets up a retirement plan, they are held legally responsible for the compliance of that plan. This is called fiduciary liability. Most employers aren’t familiar with all the rules and regulations established by the IRS and DOL, so this can seem like an impossible task. That’s why outsourcing the administrative tasks associated with plan compliance can be a great option. EGPS offers these services, known as 3(16) fiduciary services, or 3(16) plan administration. Outsource the time-consuming tasks and compliance associated with your retirement plan to EGPS.

Benefits of our 3(16) fiduciary services:

  • Save valuable time
  • Ensure plan compliance
  • ERISA retirement plan experts on your team, always ready to help

Reduce Work and Responsibility

Running a retirement plan can be difficult and complex. EGPS can take these tasks off your plate.

Plan Design & Record Retention

  • Collect and maintain copies of signed Plan Documents
  • Make copies of Plan Documents available to participants upon request

Payroll Review & Integration

  • Review payroll and automatic participant enrollment to confirm accuracy
  • Monitor timeliness salary deferrals and loan repayments to the plan
  • Review payroll and participant elections to confirm the accuracy

Participant Enrollment

  • Determine eligibility throughout the plan year
  • Review and disseminate materials to eligible participants
  • Approve Rollover Contribution into the Plan

Employee Communication

  • Provide necessary plan-related disclosures to participants
  • Field participant related questions
  • Attempt to locate missing participants

Loan Administration & Distribution Review

  • Administer plan’s loan policy, including the review and approval
  • Review and approve distributions, including Hardships, QDRO & RMD
  • Administer the plan’s mandatory/forced distribution policy

Plan Compliance & Reporting

  • Ensure compliance testing is complete and corrective actions are conveyed
  • Prepare and Sign Form 5500 and/or Form 8955 SSA
  • Sign and file Forms 1099R and 945 (as needed)

Interested in Learning More?

Contact us for more information on this service!