Posted on Oct 25, 2018
With TPS 3(16) Service, LLC as the 3(16) fiduciary, employers can rest easy knowing that all plan decisions are made in the best interest of the participants.
Does Plan Administration Take Up Too Much of Your Time and Resources?
ERISA's stringent requirements for Plan Sponsors have made the administration of retirement plans even more complex and subject to legal challenges. Now more than ever, outsourcing these responsibilities to a qualified 3(16) fiduciary makes sound business sense.
As the delegated 3(16) plan administrator, TPS 3(16) Service, LLC:
- Relieves staff of many of the day-to-day administrative burdens associated with sponsoring a plan.
- Reduces liability and audit risk
- Increases HR capacity
- Helps to ensure full ERISA compliance
TPS 3(16) Service, LLC includes:
- Eligibility tracking
- Invitation to the plan for newly eligible employees
- Beneficiary maintenance
- Monitoring of ongoing deposits to ensure timely processing
- Handling participant phone calls and processing transactions without Plan Sponsor involvement
- Using discretion to approve and process loans, distributions, hardships and QDROs
- Monitoring loan repayments
- Signing Form 5500 as the assigned 3(16) plan fiduciary
- Attending and leading the Annual Fiduciary Meeting
- Overseeing the timely distribution of annual disclosures and notices.
Please note TPS 3(16) Service, LLC does not monitor service providers.
With TPS 3(16) Service, LLC as the 3(16) fiduciary, employers can rest easy knowing that all plan decisions are made in the best interest of the participants. There's no need for staff to spend their valuable time on ERISA requirements that demand a high level of knowledge to interpret and apply. Our experience and expertise frees you and your employees to focus on what matters most: running your business.
Every company is different. We take the time to understand your unique needs and preferences. We're not a volume-driven national chain, and we customize solutions to match your specific business goals. Quality service is what you deserve.