At FiduciaryxChange, we offer one of the most flexible and comprehensive solutions available in the marketplace, allowing us to take on as much of the risk and responsibility of sponsoring a retirement plan as ERISA allows.
To determine if outsourcing some or all fiduciary responsibility makes sense, FiduciaryxChange recommends considering the following questions:
Do you have the knowledge and expertise to maintain compliance and manage the retirement plan effectively?
Does the retirement plan provide adequate benefits to employees so they can retire with dignity?
Would it be a more effective use of administrative time to outsource the management and operational responsibilities of the plan to a team of professionals?
The various ERISA-established roles bear differing levels of risk and responsibilities. It is essential plan sponsors understand the capacities in which they may act on behalf of the plan beneficiaries at any given time. The amount of fiduciary liability incurred as a plan sponsor depends on the role as defined by ERISA.
The plan sponsor, in the role of plan administrator, bears the responsibility of fulfilling the following fiduciary responsibilities:
402(a) Named Fiduciary
- Manage and oversee the plan’s service providers including engaging the plan auditor as applicable
- ERISA Section 404(a)(5) and 408(b)(2) fee disclosure compliance
- Address service provider issues as they arise
- Preparation and presentation of Executive Summary Reports to the Oversight Committee
- Annual fee analysis and documentation including periodic market analysis of service provider fees
- Oversee the preparation and distribution of annual participant notices and disclosures
- Monitor contributions and plan transactions on a monthly basis
- Oversee periodic committee meetings
The services provided by FiduciaryxChange are structured to absorb as much of the ERISA Delegated 3(16) Plan Administrator away from the plan sponsor as is allowed by law.