Plan fiduciary services and why they matter

What you may not recognize is that you may likely also wear another important fiduciary hat based on your control and authority over the administration of the plan.

People who exercise control and authority over the management of a retirement plan's assets are fiduciaries. So are professionals who provide investment advice with respect to those assets. As a company owner or executive, in most cases you also play an investment fiduciary role unless you partially or fully outsource that function to an investment professional.

What you may not recognize is that you may likely also wear another important fiduciary hat based on your control and authority over the administration of the plan. The named plan administrator is responsible for many things including:

  • Making sure eligibility is determined correctly,
  • Making sure that a number of required notices and mailings go out every year,
  • and making sure that plan-related payroll is properly processed.

You are also responsible for overseeing the performance of service providers to the plan. As you understand your fiduciary role better, you may find you don't have the knowledge, experience or comfort in performing in this capacity.

That's why some expert third party administration providers and other plan consultants offer ERISA 3(16) services. Under this arrangement, you can outsource the plan fiduciary role and limit your liability and risk, as well as reduce your time and effort in managing the ongoing operations of the plan.

We can introduce you to the opportunity of a 3(16) fiduciary outsourcing relationship.

Questions?

Contact Brad Bechtel using the information below to learn more about your fiduciary outsourcing options and let us guide you to a solution you can rely on and that will free you to focus more on your business.

Brad Bechtel

Senior Vice President
Employee Benefit Services

Brad Bechtel leads AGH’s employee benefit services (EBS) division, which serves clients nationwide. EBS is one of the region's largest providers of retirement plan recordkeeping services for daily valuation plans. The division provides consulting services to clients on employee benefit plans, including plan design, implementation, operation, fiduciary due diligence, compliance, and through affiliate AGH Wealth Management, discretionary and non-discretionary investment fiduciary services, investment advisory services and employee education.

Bechtel is experienced in executive compensation, including non-qualified, phantom stock, top hat and excess benefit plans, as well as other deferred compensation approaches. He has consulted for numerous Fortune 500 corporations on investment management and fiduciary due diligence. He also provides search and selection due diligence consulting services for companies seeking new investment and recordkeeping providers for their qualified plans. Bechtel is a registered investment advisor who holds Series 7, 24 and 66 FINRA registrations, and he is a member of the American Society of Pension Professionals & Actuaries.

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