3(16) Fiduciary Services
Is your answer "yes" to any of these questions?
- Do you handle contributions to the Plan?
- Are you the trustee on your company’s 401(k) Plan?
- Do you exercise any discretion in administering the Plan?
If so, then Congratulations, You’re a Fiduciary!
As a Fiduciary, it’s important that you understand your duties and know your liability.
You can reduce employer fiduciary liability by delegating plan administration responsibilities to an experienced independent ERISA fiduciary.
With 401kMadeEZ, you choose the level of service best fitted for your company’s needs.
We support your HR personnel by providing more control and compliance oversight allowing them to provide better employee outcomes rather than being buried in compliance issues.
What’s the Best way to Limit your Liability?
- Hope you never get audited
- Become a Fiduciary expert
- Hire a Fiduciary expert that will help you keep compliant, reduce your risk and ease administrative burdens.
If you are not an expert, the DOL advises you to hire one.
IRS Top 10 401(k) Plan Administrative Errors
- Outdated plan document
- Failure to follow plan document
- Use of incorrect definition of compensation
- Incorrect allocation of employer match
- Failure to include/exclude certain employees
- Exceeding maximum contribution limits
- Untimely deposit of deferrals
- Incorrect handling of hardship distributions
- Form 5500 not filed
- Loan errors
Source: IRS.gov 2018
401kMadeEZ can help you understand your obligations and manage your fiduciary responsibilities while reducing your workload and costs.
