about_erisa

Fiduciary for Plan Administration

In our standard fiduciary services engagement, we function as the official “Administrator” either through designation via a plan amendment or by delegation of the fiduciary responsibility described in ERISA Section 3(16) from the plan’s “Named Fiduciary.”   In this capacity, we…

  1. Select, monitor, evaluate and (where necessary) replace the plan’s third party administrators, document preparers, record-keepers, custodians, directed trustees, consultants, accountants, legal counsel, and other non-fiduciary service providers not directly engaged in investing plan assets;
  2. Act as legal counsel to the plan, review, sign and file all required government filings, conduct fiduciary committee meetings, maintain meeting minutes and records and keep all inside fiduciaries apprised of relevant legal matters;
  3. Review all vendor ERISA Sec. 408(b)(2) fee disclosure data and coordinate annual fee benchmarking study for evaluation of the reasonableness for vendor fees;
  4. Negotiate service agreements with these vendors, review all revenue sharing arrangements between mutual fund companies and vendors, audit and authorize the payment of their fees and oversee the distribution of plan benefits;
  5. Maintain the tax-qualified status of the plan document, working with the appropriate service provider to ensure that the plan is operated in accordance with its terms and that the plan sponsor timely adopts all mandatory plan amendments and, as appropriate, obtains all government determinations;
  6. Represent the plan and oversee all communication with all government agencies, including the IRS and/or the U.S. Department of Labor;
  7. Review work products provided by all vendors performing plan adminstration services for accuracy and timeliness;
  8. Provide solutions that reduce plan administration costs by uncovering hidden, or unjustified fees, independence problems and other conflicts of interest, service provider malfeasance, plan design problems and contract performance issues;
  9. Submit quarterly fiduciary monitoring reports to the plan sponsor documenting plan fiduciary decision-making, management and operations; and
  10. Submit annual certifications to the board of directors that all administrative activities have been properly carried out regarding plan compliance and governance.