3(16) Services
As a business owner/trustee you will be fiduciary on the plan. The first question we are always asked is what is a fiduciary and what does that mean I am responsible for? Altitude Retirement will assume the 3(16) fiduciary role on the plan which can eliminate many of the administrative tasks you would normally be responsible for.
Administrative work never stops. neither do we.
When sponsoring a 401k plan, you will be a fiduciary on the plan. There are multiple levels of fiduciary responsibility, but the IRS considers the sponsoring entity with all oversight over the plan the 402(a) named Fiduciary. This oversight includes acting in the best interest of the participants, monitoring fees and costs of the plan, evaluating investment performance, and making sure the plan is being administered correctly based on the legal plan document. Between your investment advisor and Altitude Retirement Partners, LLC as your Third Party Administrator there are ways to reduce some of the liability on your behalf. Altitude Retirement Partners, LLC will be the 3(16) fiduciary on the plan, which can eliminate many of the administrative tasks you would normally be responsible for.
WHAT WE'RE TAKING CARE OF
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- Signing and filing of the Form 5500 and 8955-SSA on the company's behalf
- Prepare plan’s legal Documents
- Update Documents for required DOL and IRS law changes
- Prepare required participant notices and Summary Annual Report
- Interpret Plan Provisions
- Monitor for Timely Payroll Deposits
- Review and Approve Termination Distributions
- Review and Approve Hardship Distributions
- Review and Approve RMD’s
- Review and Approve In-Service Distributions
- Review and Approve QDRO’s
- Review and Approve In-Service Distributions
- Administer the Plan’s Loan Policy
- Review and Approve Loans
- Review & Approve Rollover Contributions into the Plan
- Calculate and Update Vesting
- Oversee Force Outs
- Prepare and Approve Corrective Distributions
- Monitor ERISA Fidelity Bond Level