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Types of 3(16) Administrative Services

…the 3(16) administrator for a client with Halo performing all of the TPA functions as a fiduciary. In other words, Halo is not an added fiduciary layer hiring a non-fiduciary TPA, Halo is a fiduciary TPA. Halo is named as the administrator in the plan…

Understanding 3(16) Administrative Services

good TPA is invaluable, but it’s not the same as outsourcing. They didn’t know they had a choice. The availability of the outsourcing of the 3(16) administrator role is both old and new. Old, in that some TPAs offered this service in the early years…

Is Your Company Overlooking These Common Fiduciary Duties?

…the vast majority of lawsuits and regulatory actions involve failures in administration. SPDs are Not Included in Enrollment KitsThe Employee Retirement Income Security Act of 1974 (“ERISA”) Sections 102 and 104 require the plan administrator (the fiduciary administrator as defined by Section 3(16), not the…

Handling It For You — The Advantages Of An Outsourced 3(16) Arrangement

…2011 data from IRS, DOL, and federal court system websites   ERISA Section 3(16)(A) defines the plan administrator role. The administrator is the fiduciary responsible for overall operation of the plan with the exception of the trustee functions. Together, the trustee and administrator retain nearly…

Frequently Ignored Fiduciary Duties

…or follow the rules. SPDs are Not Included in Enrollment Kits. The Employee Retirement Income Security Act of 1974 (“ERISA”) Sections 102 and 104 require the plan administrator (the fiduciary administrator as defined by Section 3(16), not the third party or contract administrator) to follow…

4th Quarter 2016 Economic & Market Review

…the Russell Midcap Index gained 3.2% and 13.8% for the quarter and year, respectively, while the S&P 500 Index advanced 3.8% and 12.0% for the same periods. 2016 saw a huge disparity in value vs growth stocks across the market capitalization spectrum with value stocks…

Understanding the Importance of BOLI Third Party Administration

…unable to demonstrate a thorough understanding of BOLI products it has purchased and the associated risks may be subject to supervisory action.” So what can a third party administrator (TPA) actually do for a bank’s BOLI purchase? With its fee-for-service-only structure, a TPA does not…

3rd Quarter 2016 Economic & Market Review

…at best, and unemployment remained low (4.9% for August, the latest reading). Inflation was also contained as headline CPI for August was only 1.1% on a year-over-year basis. Equity Markets Equity markets provided positive returns for Q3; in fact, this was the fourth consecutive quarter…

What 401(k) RESA Legislation Means for MEPs and PEPs

…being true, but there is no evidence of it in the Bill. The Bill could have, for example, amended ERISA Sections 3(5) and/or 3(16)(B), the definitions of “employer” and “plan sponsor,” but does not do so. What the Bill does make clear is that the…

The “Definitive” List of Best States to Retire In

…say South Dakota is your best bet, while Business Insider and WalletHub give the nod to Florida; New Hampshire and Wyoming have also topped such lists in the recent past. For my purposes, I’ve divided the 50 states into five tiers, from “best” to “worst.”…