ARE YOU A PLAN SPONSOR?
DO YOU UNDERSTAND THE FIDUCIARY RESPONSIBILITY YOU CARRY?
One of the primary reasons an employer provides retirement plan benefits, is to attract and retain great employees. Often times, the owner doesn’t realize that those who administer the plan are responsible for proper management and oversight. Employers usually do not realize that they are a named fiduciary on participants’ plans and the significance of that responsibility.
WHAT DOES BEING A NAMED FIDUCIARY MEAN?
• A fiduciary has legal responsibilities for the proper administration of other people’s retirement plans.
• A fiduciary’s role is governed by the Department of Labor under the Employees Retirement and Income Securities Act (ERISA).
• Being a fiduciary means you have a big responsibility; failure to follow ERISA regulations means you are corporately and personally liable for any compliance issues in the retirement plan.
IS THE RISK WORTH ADMINISTERING
THE PLAN ON MY OWN?
Once an employer provides retirement plan options, they become a plan sponsor; often they DO NOT know they are a named fiduciary and administrator of the plan, and subsequently are responsible for the compliance and the administration of the plan.
When and if a compliance issues occurs, the plan sponsor is corporately and personally liable – this could cost a company owner and his/her company thousands if not millions of dollars in damages. Working with SetAway Solutions can alleviate some of the inherent risk and it passes some of the responsibility to a capable third party. Plan sponsors don’t have to carry all the burden – we can help!
OUR SOLUTION
SetAway Solutions is an independent third party administrator that can take your place as the named fiduciary and administrator for many of the responsibilities associated with a company-sponsored retirement plan. Working with us will alleviate most of the fiduciary responsibility.
OUR CHECKLIST FOR CERTIFYING ERISA COMPLIANCE
- Prepare & Maintain ERISA governance reports
- Establish or improve governance structure
- Appoint & Monitor Pension Administrative Committee
- Independently monitor investment professionals
- Conduct & document committee proceedings
- Verify that plan actions are in accordance with plan docs & ERISA
- Evaluate & monitor investment policies
- Evaluate investment choices
- Ensure that all aspects of the plan meet ERISA standards
- Monitor & evaluate outside service providers
- Evaluate performance results
- Train committees on fiduciary governance
- Approve required participant notices & disclaimers
- Approve plan documents & ensure consistency
- Monitor fees & expenses to ensure ERISA compliance
DO WHAT YOU DO WELL... LEAVE THE RETIREMENT PLAN BUSINESS TO US
Business Information
5 Bedford Farms RoadSuite 105
Bedford, NH 03110
Phone: (603) 471-3369
Fax: (603) 783-5736
email: info@setawayllc.com