Admin316 is one of the leading plan administration teams in the United States. As the entity responsible for overseeing your Retirement Plan’s administration, we serve as your accounts listed Trustee; we must consider that every retirement plan must have at least one named trustee. This means that at least one party is responsible for the fiduciary liability and integrity of the Plan.  Understanding each party’s role in your qualified plan is essential. Who is the TPA, the Recordkeeper, and the Custodian? Who is responsible for the plan investments? Is it our advisors? Are they licensed to serve as the 3(21) or 3(38)? Who is responsible for what? 

See, we make discerning this query simple, as we will not only appoint your 3(38) but facilitate all remaining relationships and help put together your retirement Investment Plan to serve both you and your employees better.

We are here to provide all employer team members with quick and efficient service. In addition, we strive to ensure that all participants have a firm understanding of their retirement options and are here to help service loans, distributions, and hardships, and answer any questions that may arise about their participation in the plan. For more information, you can contact us.

It's essential to understand the roles and responsibilities of each party involved in the administration and management of a qualified retirement plan. Here's a breakdown of these key roles:

• Role: The trustee is responsible for the overall fiduciary integrity of the retirement plan. They ensure that the plan complies with ERISA requirements and other applicable laws. The trustee holds the plan's assets in trust for the benefit of the participants.
• Responsibility: Fiduciary liability for managing and controlling the plan's assets.

• Role: This party handles the day-to-day administration of the retirement plan, including compliance, reporting, and participant disclosures.
• Responsibility: Ensuring the plan operates according to ERISA regulations and the plan document. Duties may include filing Form 5500, distributing annual notices, and overseeing other administrative tasks.

• Role: The TPA provides various administrative services, often acting on behalf of the plan sponsor to ensure compliance and efficiency in plan operations.
• Responsibility: Services might include compliance testing, preparing and filing government forms, and providing consulting services on plan design and regulatory changes.

• Role: The recordkeeper maintains participant records, tracks contributions, investments, and distributions, and provides account statements to participants.
• Responsibility: Managing the data related to participant accounts, ensuring accurate record-keeping, and facilitating transactions as directed by participants.

• Role: The custodian holds the plan's assets, maintaining their safekeeping, and may also provide reporting services.
• Responsibility: Physical or electronic custody of the plan’s investments, ensuring they are held securely on behalf of the participants.

• Role: Advisors provide investment guidance and advice to the plan sponsor or directly to the plan participants. They help design the investment lineup and ensure the plan meets its investment objectives.
• Responsibilities:
  • 3(21) Fiduciary Advisor: Provides investment recommendations to the plan sponsor but does not have discretion over assets. The sponsor can choose to follow or ignore this advice.
  • 3(38) Fiduciary Advisor: Has discretionary authority to make and implement investment decisions on behalf of the plan. This relieves the plan sponsor of fiduciary responsibility for these investment decisions.

• Trustee (402(a)): Holds plan assets, overall fiduciary responsibility.
• 3(16) Plan Administrator: Day-to-day plan operations and compliance.
• TPA: Provides administrative functions and ensures regulatory compliance.
• Recordkeeper: Manages participant records and transactions.
• Custodian: Safeguards plan assets.
• Plan Advisor: Provides investment advice and management (3(21) or 3(38) fiduciary).

Each role is crucial for the successful management and compliance of a retirement plan. Admin316 takes on the 3(16) administrative duties and serves as the 402(a) trustee, providing comprehensive oversight and ensuring the plan's fiduciary responsibilities are met. By clearly understanding and defining these roles, plan sponsors can better manage their fiduciary responsibilities and provide valuable resources to their participants.