3(16) Fiduciary Management Solutions
Fiduciary Consulting Group (FCG) provides a complete turnkey fiduciary alternative for business owners sponsoring qualified retirement plans. Fiduciary Consulting Group is appointed by the Owners or Board of Directors accepting fiduciary responsibility in writing. FCG is named in the Plan Document as the 3(16) Named Plan Administrator and Named Fiduciary. FCG accepts full responsibility for the day to day prudent management of the plan. As a complete turnkey alternative, our services take the burden away from the Plan Sponsor leaving them free to run their company rather than managing their retirement plan. As 3(16) Named Plan Administrator and Named Fiduciary, FCG assumes as much of the risk and responsibility of sponsoring a qualified plan allowed by the regulations.
As 3(16) Named Plan Administrator and Named Fiduciary our actions must be for the exclusive purpose of providing benefits to participants and their beneficiaries. This is known as the “Exclusive Benefit Rule”. The Exclusive Benefit Rule provides that fiduciaries may not deal with the assets of the Plan for their own account or for the benefit of someone whose interests are adverse to those of the Plan. Avoiding conflicts of interest is of upmost importance to avoid a prohibited transaction.
FCG monitors the entire Plan through our internal Retirement Administrative Committee. The Retirement Administrative Committee meets weekly to review, monitor, and document the decisions regarding the operation and management of the plans who have engaged the services of FCG. FCG is the responsible fiduciary in determining whether or not the compensation paid to the covered service providers is reasonable and necessary and permitted by the Plan document. We utilize several resources to evaluate each service provider’s compensation taking into account the services being provided and the complexity of the Plan.
Governing and managing the Plan according to:
Internal Revenue Code