HOW WE SERVE
Independent Plan Fiduciary Consulting & Services
Start with the end in mind – a well-run, compliant retirement plan that helps you achieve your goals while alleviating risk and liability. Our independent fiduciary services focus squarely on this expectation. The result is peace of mind – yours.
Let’s eliminate your fiduciary risk
Fiduciary & Compliance Consulting
Your Plan Fiduciary
3(16) Fiduciary Management Services
We Stand Apart From Other 3(16) Providers
As an expert in plan fiduciary risk, there are three important ways in which we stand out:
FCG accepts the role of the ERISA 3(16) Plan Administrator and 402 Named Fiduciary.
Once we are engaged, the plan document is amended to transfer management responsibilities to us. Other providers’ role may not extend this far, leaving your client at risk.
FCG offers non-biased fiduciary oversight.
Because our services are limited to fiduciary mitigation, we can assess the fees and responsibilities of other plan providers without conflict of interest. Other providers may offer plan services in addition to 3(16), thereby introducing inherent bias.
FCG offers sound fiduciary management of your client’s plan.
This includes decisions regarding plan administration, operational and regulatory compliance, investment management decisions and service provider selection and oversight. Other providers offer a more limited scope.
Fiduciary & Compliance Consulting
FCG offers non-biased fiduciary oversight. Because our services are limited to fiduciary mitigation, we can assess the fees and responsibilities of other plan providers without conflict of interest.
When you engage FCG as a consultant, our expert team will:
Assess the current compliance status of your plan
Discuss actions needed to address any issues
Illuminate your fiduciary responsibilities to prepare you to manage them
Evaluate your risk and make recommendations
At the end of your consulting arrangement with us, you’ll have the information you need to make informed decisions, whether those decisions be about managing your plan or delegating plan oversight and fiduciary responsibility to an independent third party.
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Your Plan Fiduciary
FCG’s goal is to improve your effectiveness in sponsoring a retirement plan and support your employees’ experience saving for a successful retirement. When you engage FCG as your independent plan fiduciary, we accept the role of the ERISA 3(16) Plan Administrator and 402 Named Fiduciary. In accepting our role, the plan document is amended to transfer management responsibilities to us.
Outsourcing the management of a retirement plan protects the organization and executives from conflicts of interest AND allows the executives along with human resources, benefits, and finance staff to focus their time and energy on their work, productivity, and profitability.
To augment our management oversight, our team has developed priority technology systems that identify and help maintain procedural prudence and solve operational compliance issues.
FCG’s Plan Fiduciary Service is the most comprehensive outsourced solution available for the management of Single Employer Plans, Multiple Employer Plans (MEPs), and Pooled Employer Plans (PEPs). Talk to us about your plan.
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3(16) Fiduciary Management Services
While the level of fiduciary management services can vary upon client needs, when FCG provides Outsourced Plan Management and Compliance services and formally accepts the role of 3(16) Plan Administrator and 402 Named Fiduciary, we assume the responsibility for administration and management of the plan and are responsible for and/or perform the following duties:
- Serving as the Plan Administrator & Responsible Plan Fiduciary in the plan document
- Management of the plan including administrative, operational, and regulatory compliance
- Interpretation of plan document provisions
- Reviewing and filing the required annual government filings, including the plan’s Form 5500
- Selection and oversight of the plan’s service providers
- Documenting cybersecurity due diligence of the plan’s service providers
- Identifying and managing conflicts of interest of the plan sponsor and service providers
- Engaging the plan auditor and managing the plan audit process (as applicable)
- Approval of all plan withdrawals and distributions (e.g., hardships, loans, terminations, corrections, etc.)
- Approval and distribution of applicable notices and disclosures to active participants
- Approval and distribution of applicable notices and disclosures to terminated participants
- Monitoring the timeliness of deposits to the plan
- Monitoring the plan’s forfeiture and budget accounts (as applicable)
- Managing plan governance administrative procedures and documentation
- Collecting and reviewing the plan’s service provider agreements and 408(b)(2) disclosures
- Completion of an annual service provider compensation assessment to comply with the Department of Labor 408(b)(2) regulations
- Maintaining plan compliance with the Internal Revenue Code, ERISA, and the plan documents
- Managing any Department of Labor or Internal Revenue Service audits and/or investigations
- Taking corrective actions for the plan, as applicable (including self-correction or voluntary correction programs with DoL or IRS)
- Meeting regularly with and supporting the plan’s investment adviser and oversight committee
- Implementation and oversight of the plan’s management activity calendar
- Meeting with the plan sponsor’s owners, Board of Directors, executives or staff members, as deemed prudent and appropriate
- Training of HR, payroll, finance and internal operations staff, as deemed prudent and appropriate
There are significant differences in fiduciary service offerings. We cover it all.
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