Short answer – for our clients, wasting money. See below for more info. 3(16) services are administrative services performed by someone else on behalf of the Plan Administrator (usually the employer) – essentially, outsourcing administrative duties such as maintaining and interpreting the plan document, providing notices, etc. We do all of this for our clients, […]
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404(a) and 404(c) and 408(b)(2), oh my!
Today we get into some common regulations and required disclosures for retirement plans. Several numbers starting with “40” are often thrown around (and 99% of the population does not know what they mean), so we’re shedding light on what they are, and what they mean for you (the Plan Sponsor or the Plan Participant). 404(a) […]
What is a Fiduciary?
A plan’s fiduciary (or fiduciaries) has a very important role. They must always put the plan’s interest first and must always act for the benefit of the plan. They must provide benefits to participants (and beneficiaries) and also try to keep plan costs down. ERISA defines a fiduciary as someone: Who exercises discretionary control or […]
What is ERISA?
It’s likely that at some point you have come across the term ERISA – probably while participating in a retirement plan or setting one up for your own small business. So what is ERISA? ERISA stands for the Employee Retirement Income Security Act of 1974. ERISA established guidelines and minimum standards for private-sector pension and […]