…effect … even for plan sponsors who believe having a third-party 3(16) fiduciary on board absolves them of all blame. As discussed elsewhere in our Make the Path Simple series, not all TPAs are created equal. Not needing accreditation, complacent, inattentive and/or nefarious TPAs are…
…is the only independent certification process that validates a third-party administrator (TPA) firm is utilizing best practices in conducting plan administration and operational compliance services. Also, examine the certifications and experience of your prospective fiduciary’s staff. Can they handle the complex range of issues that…
…fiduciary outsourcing — the transfer of legal responsibility for a retirement plan to an institutional fiduciary. Many employers select themselves as the ERISA Named Fiduciary, 3(16) Plan Administrator, and Trustee because they believe there are few other options – but that is not the case….
…ERISA requires. Cybersecurity Program Best Practices: Assists plan fiduciaries and record-keepers in their responsibilities to manage cybersecurity risks. Online Security Tips: Offers plan participants and beneficiaries who check their retirement accounts online basic rules to reduce the risk of fraud and loss. “The cybersecurity guidance…
…arrangements may combine several providers to service your 401(k) plan, including a Plan Administrator, Third Party Administrator (“TPA”), Recordkeeper, Trustee and Custodian, Investment Manager, and Legal Counsel. When one retirement plan service provider serves in most or all of these roles, they are referred to…
No one wants to hear the word “prison” when discussing the administration of retirement plans. But it is unavoidable in one case, which proves how a qualified 3(16) administrator like Pentegra can sometimes prevent clients from hurting themselves. Like most administrators, Pentegra issues plan enrollment…
…owners who sponsor retirement plans for employees as “3(16)” fiduciaries under federal law [ERISA Section 3(16)]. A 3(16) fiduciary is responsible for ensuring the plan is operated in compliance with the rules of ERISA day in and day out. One can say, the ERISA “buck…
…of the myriad of fiduciary administrative responsibilities that come with that role, or that these responsibilities involve significant risk. Watch our presentation to get a better understanding of retirement plan 3(16) administrative responsibilities and corresponding risks, along with recommendations and guidance for managing these duties.”…
As a general rule, an ERISA plan administrator may furnish notices to employees electronically. However, the administrator must use measures “reasonably calculated to ensure actual receipt.” To meet the DOL standard for electronic delivery of required plan notices, the guidelines require the following: The participant…
…quality and transparency of investors’ relationships with investment advisers and broker-dealers. Under the SEC’s proposed “Regulation Best Interest,” a broker-dealer would be required to act in the best interest of a customer when making a recommendation of any securities transaction or investment strategy involving securities…
…South Dakota is your best bet, while Business Insider and WalletHub give the nod to Florida; New Hampshire and Wyoming have also topped such lists in the recent past. For my purposes, I’ve divided the 50 states into five tiers, from “best” to “worst.” Drawing…