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Is your retirement plan the most complicated employee benefit program you offer? Do you wish you could outsource all of the craziness? Fiduciary Outsourcing allows you to outsource the majority of your role as Plan Administrator. While you still must review and monitor your service providers, we can take care of all of the other plan administrative tasks.
Every payroll period you need to transmit payroll files, approve ACH transactions and update your payroll system for retirement plan deferrals and loan repayment changes. Depending on available payroll system integration1, we create Fiduciary Peace of Mind by taking care of these tasks for you.
We know the rules. We know who must get which required plan notices and when. Our Fiduciary Peace of Mind service delivers the notices and with processes in place to deal with returned and undeliverable mail. And, if the DOL ever asks about participant communications in an audit, we’ll be there to answer for you.
What happens when your HR person is on vacation and a participant requests a loan or distribution? Who reviews and approves these time-sensitive requests? You can outsource loan, withdrawal, and distribution approvals to our professional team and create Fiduciary Peace of Mind knowing we’re covering you every business day.
When you sign the Form 5500, you attest under penalty of perjury that the form is complete and accurate. Fiduciary Peace of Mind means that we will review the form and then sign it as Plan Administrator. No signature is needed by anyone at your company.
Enrollment is a time consuming process that you must perform for newly hired employees. Fiduciary Peace of Mind means that we determine what needs to be issued to someone about to become eligible for the plan and we mail all of the necessary communications to the employee on your behalf.
Someone has a question about how the plan is supposed to work. There’s some new form that needs to be completed and signed. A new regulation is issued that may or may not impact the plan, but you don’t know who to ask. Fiduciary Peace of Mind means that we are responsible for all of these miscellaneous administrative tasks.
Pricing for this service is customized based on the particular needs of your plan.
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1 Your payroll system must be accessible by secure web login for us to perform this service.
As an ERISA 3(16) Plan Administrator, Fiduciary Outsourcing is here to reduce the administrative effort, resource burden and risk of liability of your retirement plan. We implement customized outsourcing options to fit your needs so that you can rest easy knowing your plan is compliant with rules and regulations.