It’s National Couple Appreciation Month, so let’s take a moment to celebrate some great couples throughout history: Jane and Tarzan, Ross and Rachel, Han Solo and Princess Leia, and EGPS TPA and 3(16) fiduciary services! Catch ya off guard with that last one? This pair may not be iconic, but this dynamic duo makes the world (ok fine….retirement plans) better for everyone! Let’s look at how.
3(16) fiduciary services and plan administration increase efficiency: how romantic!
EGPS TPA and 3(16) services increase efficiency for employers, and what’s not to love about that? For example, when EGPS acts as an employer’s 3(16) provider, EGPS will already have access to all of their census data information, thus eliminating the need for the employer to send annual census data to EGPS as their TPA. This is just one way this couple increases efficiency for employers: it’s like the Roomba of retirement plans!
This duo reduces tedious tasks: talk about acts of service!
If your love language is acts of service, you’re surely in luck, because this duo delivers. Here are just a few of the tasks our 3(16) services take on for employers:
- Plan document design, management, distribution, and retention
- Compile and review census data annually
- Payroll data review and integration
- Participant eligibility management and enrollment
- Compile and distribute Summary Plan Description (SPD) and Summary Annual Report (SAR)
- Distribute annual notices
- Manage employee disclosures and notifications
- Oversee loan administration, approval review, and distributions
- Perform plan compliance testing and corrective actions
- Monitor and distribute required minimum distributions (RMDs)
- Sign and file Form 5500 and other required forms, as needed
More of a quality time person? Employers can get loads of time back when we take on these tasks!
3(16) fiduciary services and plan administration save time and reduce stress: ooo la la!
More of a quality time person? By taking on the tasks above, employers free up more time to focus on what matters: achieving their business goals. And stressing about compliance? Also gone, because the EGPS TPA and 3(16) combo ensures employers’ retirement plans are error-free and audit ready. Our ERISA and compliance experts are managing the plan, keeping it in compliance with IRS and DOL regulations so employers don’t have to worry. Who needs a bubble bath?
Our TPA and 3(16) fiduciary services are #relationshipgoals for sure. Learn more!
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