Administrative Fiduciary Services Inc
Help for Employers
A third party administrator (‘TPA’) may be retained by the plan or the plan administrator, but a TPA is typically neither the 3(16) administrator nor a fiduciary. Some TPAs will accept appointment as a 3(16) fiduciary, but a plan sponsor should assume that a TPA is not intending to act as a 3(16) administrator unless the TPA’s contract says that the TPA is serving in that capacity.
Similarly, actuaries, accountants and auditors are typically not serving as fiduciaries.
A third party administrator (‘TPA’) may be retained by the plan or the plan administrator, but a TPA is typically neither the 3(16) administrator nor a fiduciary. Some TPAs will accept appointment as a 3(16) fiduciary, but a plan sponsor should assume that a TPA is not intending to act as a 3(16) administrator unless […]
An ERISA Section 3(16) fiduciary acts as THE plan administrator. The 3(16) administrator is responsible for managing the day to day operation of the plan. The duties of the plan administrator are set by ERISA and the terms of the plan document. Some of the responsibilities that may be assigned to the 3(16) administrator by the plan […]
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