Plan Sponsor (Employer) / Administrator
Establishes the plan and offers it to employees. Names or functions as a plan administrator. Ensures the plan complies with all laws, regulations and is administered in accordance with plan documents. Submits timely remittance of employee and employer contributions. Reports plan contributions through employees’ W-2 forms.
Fiduciary Financial Advisor
Acts as either an ERISA 3(21) or 3(38) fiduciary. Coordinates key players. Assist in benchmarking plan and maintaining plan compliance. Provides investment consultation, investment policy statement(s), participant education and performance monitoring. Recommends asset diversification and investment strategy.
Recordkeeper
Works with participants and manages and tracks data within the 401(k) plan like contributions and earnings. Provides online portal for account access.
Third-Party Administrator (TPA)
Third-Party Administrator (TPA)st of the day-to-day aspects of the plan including plan design and compliance in accordance with ERISA. Includes preparing the annual 5500 tax filing, preparing/managing plan documents, performing required annual non-discrimination testing on the plan, and participant notices.
Custodian
Safeguards assets (asset custody) of the plan in a trust similar to a bank. Invests contributions and executed trades as directed.
Auditor (when required)
Through a full-scope audit, provides assurance that the plan’s financial statements are free from material misstatements. In a limited-scope audit, provides assurance that the plan’s financial statements are presented in compliance with the DOL and ERISA. Generally, only when your participant count exceeds 100 will you be required to conduct a plan audit.
Safe Harbor Matching
Profit Sharing
Auto-Enrollment
Auto-Escalation
Payroll Integration
Loans
Education and Financial Wellness
Tax Credits (SECURE ACT)*