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401(k) Administration

  • What is a 3(16) plan administrator?

    A 3(16) plan administrator handles the daily administrative duties of a 401(k) plan, focusing on compliance with plan documents and adhering to regulatory standards.

  • Are TPAs fiduciaries?

    TPAs can be fiduciaries if they exercise discretionary control over plan management or assets, but not all TPA services are fiduciary.

  • Who can sign 5500 as plan administrator?

    The plan administrator, designated in the plan document, is authorized to sign Form 5500, handling the plan's operation.

  • Who is a fiduciary under ERISA?

    Under ERISA, a fiduciary is anyone with discretionary authority over plan management, administration, or assets, including those providing investment advice.

  • What does co-fiduciary mean?

    A co-fiduciary shares fiduciary duty with others, being equally responsible for managing the plan in the best interests of participants and beneficiaries.

  • What are common compliance issues in 401(k) plans?

    Common compliance issues in 401(k) plans include not following plan documents, late deposit of employee contributions, and errors in administering loans or distributions.

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