Super 3(16) Fiduciary Solutions

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That’s a key advantage of hiring Pentegra as your 3(16) plan administrator. We’re named in the plan document, we sign the 5500. We’re on the hook to make sure things are done correctly. You can’t put a price on peace of mind. If the DOL makes a call, they are calling Pentegra.

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Presentation Transcript

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SUPER Fiduciary Solutions for ALL Your Retirement Plan Needs SUPER Fiduciary Solutions for ALL Your Retirement Plan Needs

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More 5500 Foibles Jill Williams Regional Vice President TPA Operations Management The Situation In another instance one of our clients reached out to ask how to handle a situation where a participant had contacted them inquiring about his account but only had the frst page of an old statement from their previous recordkeeper to work with. The statement showed 100 percent of the participant’s account being forfeited in 2015. Since the issue occurred before Pentegra was the 316 Fiduciary we instructed the client to contact the previous recordkeeper to research the issue. Time passed and one of our Relationship Managers eventually received a phone call from the DOL—a name you do not usually want to see on your caller ID. The understandably frustrated participant had written a letter about the situation to his local district attorney who forwarded the letter to the DOL. “I wasn’t able to obtain a copy of the letter” said the Pentegra team member “but I doubt the client ever pursued the issue with the prior recordkeeper or instructed the participant to reach out to the prior recordkeeper directly.” The DOL called Pentegra because our name was now on the 5500. We immediately gave our attention to resolving the issue—and to preventing a full-scale plan audit. The DOL was able to put us in contact with the right people at the prior recordkeeper in order to research and resolve the issue. It turns out the participant was in fact forfeited in error due to an issue with the way his account was initially set up. It took some time to resolve but in the end Pentegra calculated the rate of return that the participant would have received had he not been forfeited in error. We were able to make his account whole. The Value of a 316 Fiduciary That’s a key advantage of hiring Pentegra as your 316 plan administrator. We’re named in the plan document we sign the 5500. We’re on the hook to make sure things are done correctly. Y ou can’t put a price on peace of mind. If the DOL makes a call they are calling Pentegra. We take the call so you don’t have to.

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Save me time. Take work off my desk. Eliminate complex responsibilities. Minimize risk and burdens. Make it easy for me. T oday you’re busy running your business. Who has the time to devote to the retirement plan responsibilities that come with the day-to-day job of a plan administrator But at the end of the day employers are fduciaries. They are legally responsible for their plans. Most mistakes involve plan administration. As our stories illustrate there are very real and signifcant consequences. That’s why it is so important to hire an ERISA 316 Fiduciary Administrator. The right 316 Administrator can virtually eliminate the risk of failing to meet deadlines or doing things incorrectly and assume these responsibilities for your clients. Enter Pentegra As one of the most experienced 316 Administrators in the industry Pentegra can help. Pentegra is America’s oldest independent fduciary. With more than 75 years of expertise serving as an institutional fduciary Pentegra really can make it easy. This booklet of short stories is brought to you by the fduciary super heroes at Pentegra. Each day we’re helping our clients make retirement plan administration problems disappear with 316 fduciary outsourcing solutions designed to simplify plan administration minimize risk and burdens. It’s not quite magic but it is that simple. Y ou really can transfer the responsibilities and burdens of managing a retirement plan and save time work and cost all while eliminating compliance risks and complex burdens. Think of us as your fduciary super hero.

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As America’s oldest independent fduciary Pentegra is your fduciary expert. Learn more about our 316 fduciary solutions. Contact the Pentegra Solutions Center at solutionspentegra.com or 855-549-6689 Follow our conversation.

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