Specialized Options

Types of Retirement Plans

Our Retirement Plans section provides an in-depth look into each retirement plan. This page covers the following option:

3(16) Services

Let Concierge Retirement Services manage and lessen the daily administrative and fiduciary responsibilities of your plan, allowing you to focus on other aspects of your business.

With over 40 years of experience servicing the needs of our clients, it is deeply embedded in our culture to provide exceptional client service. Part of that service is a commitment to stand side by side with our clients as a fiduciary under the plan.

3(16) Services

What is a 3(16) Plan Administrator?

The 3(16) administrator is responsible for managing the day to day operations of the plan. The duties of the Plan Administrator are set by ERISA and the terms of the plan document.

3(16) Services

What are some of the responsibilities that may be assigned to your 3(16) Plan Administrator?

To act as named fiduciary under ERISA
To determine eligibility of employees to participate in the plan
To maintain all necessary records
To interpret the plan and published rules and regulations
To sign and file annual government forms: 5500/8955-SSA
To obtain Fidelity bond for the plan
To distribute participant notices
To approve plan loans and distributions
To interface with participants regarding plan questions
To submit and/or review payroll contributions to ensure timely deposits.

3(16) Services

What are the benefits to using a 3(16) Plan Administrator?

Time savings
Increased internal human resources capacity
Reduced liability
Reduced audit risk
Fiduciary protection that you can count on.

Why are these responsibilities so important?

A governmental audit is more common than you might think. Each year the Internal Revenue Service (IRS), and especially the Department of Labor (DOL), conduct audits and assess penalties to plan administrators that have run into the millions of dollars for failure to properly administer their retirement plan.

Furthermore, we estimate that our 3(16) services could free up an additional 5-10 hours of productivity for your staff.

Let’s Build Something Together

Would you like to have a conversation? Would you like to discover more?
Here’s a few ways to get in touch with us.

Info@ConciergeRetirementServices.com
7 Rye Ridge Plaza #404
Rye Brook, NY 10573
+1 (914) 251-0099