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.
Increased Efficiency, Better Outcomes, Lower Risk
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.
Plan Fiduciary Services and Why They Matter
You may not recognize that, as a sponsor of a qualified retirement plan, you have a very important fiduciary role based on your control and authority over the administration of your plan.
Why Choose Us?
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.
- We can help you improve efficiency, quality, and effectiveness of your business processes through fully integrated payroll and retirement solutions, and manage your benefits administration.
- Excellent customer service is our top priority. Our people bring a wealth of talent, knowledge, and experience, and many have worked for us for ten years or more. You'll always speak to a knowledgeable person when you call us; we don't waste your valuable time.
- We demonstrate the highest standards when it comes to business practices and processes in the financial and retirement world. We're CEFEX-certified and consistently ranked in the top by CEFEX auditors in many key business operational areas.
- We understand and keep abreast of federal and state regulations. You'll have peace of mind knowing that your company is in compliance with all reporting and filing requirements.