Operating in today’s increasingly regulatory environment and with fewer resources comes with a large administrative burden. While offering a retirement program provides your company a competitive edge and a means for your employees to prepare for retirement, it also involves serious fiduciary responsibility. Ask yourself the following questions:
- Do I have a process in place to accomplish each task required by the Department of Labor?
- Are my operations in compliance with the Employment Retirement Income Security Act?
- Do I have the time, resources and expertise to handle my fiduciary responsibilities?
- Am I prepared to assume the responsibility and liability of a fiduciary?
Consider the following administrative duty for new employees/participants:
- Create a tracking system to monitor new hires’ plan eligibility.
- Provide and track delivery of newly eligible employees with educational and enrollment materials prior to becoming eligible.
- Provide and track newly eligible employees with required applicable plan documents and notices prior to eligibility. Required documents and notices typically include:
- Summary Plan Description
- Plan Fee Disclosure
- QDIA Notice
- Safe Harbor Notice
- Automatic Enrollment Notice
If you are not confident you have the processes and procedures to carry out and document these and the many other administrative tasks for your plan, we can help. Transfer your fiduciary liability and responsibility to QP.
Hiring QP to be an administrative fiduciary reduces your responsibility and liability for plan administration. We will identify, in writing, the administrative responsibility and liability for your plan we will assume.