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 and accepts fiduciary responsibility in writing. FCG is named in the Plan Document as the 3(16) Named Plan Administrator and Named Fiduciary -- accepting responsibility for the day-to-day prudent management of the plan. Our service solution takes the compliance burden off of 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. Identifying conflicts of interest is of upmost importance in avoiding a prohibited transaction.
FCG monitors the entire Plan through our internal Retirement Administrative Committee. The committee meets regularly to review, monitor, and document the decisions regarding the operation and management of the plans of the firm's clients. FCG is the responsible fiduciary in determining whether or not the compensation paid to the covered service providers is reasonable and necessary, per the Department of Labor's 408(b)(2) regulations, 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.
As Named Plan Administrator and Named Fiduciary our duties include (sample list below):