Retirement Plan Sponsors/Employers

The Employer is designated as the Plan Sponsor for their company’s retirement plan.  As a Plan Sponsor, the Employer is responsible for following Department of Labor rules and regulations in order to protect the benefits for all participants.  

Why do financial advisors trust us with their clients? Watch here…

Other parties involved in the Retirement Plan include:

  • The Named Fiduciary – This is the person(s) who have authority to control and manage the operation of the Plan. A fiduciary is an individual who owes a duty of care and trust to another individual. For retirement plans, the law defines the actions that result in fiduciary duties and the extent of those duties:
    • Acting solely in the interest of the participants and their beneficiaries
    • Acting for the exclusive purpose of providing benefits to employees participating in the plan (and their beneficiaries) and defraying reasonable expenses of the plan
    • Carrying out duties with the care, skill, prudence and diligence of a prudent person familiar with these matters
    • Following the plan documents
    • Diversifying plan investments
  • Trustee(s) – Typically the owner(s) of the business and trust companies are also an option
  • Plan Administrator – Business owner, CEO, CFO or HR Manager
  • Third Party Administrator – Benefit Equity Inc.
  • Broker of Record – Individual listed with Custodian or Record Keeper receiving a fee or commission for plan investment services.

Client Login

COMPLIANCE QUESTIONNAIRE

Every year the Plan Sponsor will be required to login to BEI’s Plan Sponsor Link to answer a series of compliance questions and then upload the current year’s employee census.  If your payroll company is integrated with your 401(k) Record-keeper, you may not be required to upload the data, however, you will be required to approve the census data.  The request will come from BEI, via email and prior to year-end, and will provide the Plan Sponsor with a hyperlink into the BEI system.

Continue

What our clients say

“BEI is what I call a best in class provider and I work very closely with them. They are a major asset to our firm and our clients and BEI is the only TPA I would consider for our retirement plan solutions.”