Pentegra Introduces 3(16) Administrator SmartPath to Help Employers and Advisors Navigate Retirement Plan Administrative Responsibilities
White Plains, NY (PRWEB) April 03, 2018
Today, Pentegra, a leading provider of retirement plan and fiduciary outsourcing solutions, introduced the Pentegra 3(16) Administrator SmartPathTM, an exclusive report detailing best practices and strategies for retirement plan sponsors and advisors to use in navigating retirement plan administrative responsibilities.
The report is designed to provide a better understanding of retirement plan 3(16) administrative responsibilities and corresponding risks, along with recommendations and guidance for managing these duties.
According to Rich Rausser, Pentegra Senior Vice President, Client Services, "Today, retirement plan administration has become increasingly complex and laden with compliance burdens. For many advisors and retirement plan sponsors, the commitment of time and energy is overwhelming and too often distracts from the more critical responsibility of running a business. When it comes to the fiduciary administrative oversight of a retirement plan, although most plan sponsors are the Named Fiduciary of their plan, the truth is that they are not aware of the myriad of fiduciary administrative responsibilities that come with that role, or that these responsibilities involve significant risk."
As detailed in the report, contrary to common belief, most retirement plan errors that occur have little or nothing to do with the investments or the investment manager, but instead, involve plan administration issues. By hiring a competent ERISA 3(16) fiduciary, plan sponsors are insulating themselves against these errors to a greater level than a typical TPA arrangement provides. By outsourcing these responsibilities, employers can offload at least fifty operational duties that come with plan administration--saving significant time, work and money.
Rausser adds, "Pentegra's 3(16) Fiduciary Administrator services shift these burdens from the plan sponsor to Pentegra. Our 3(16) Fiduciary Administrator services allow the retirement plan sponsor to reduce their administrative burdens by not only handing off these tasks to us, but also handing off the responsibility for ensuring that they are handled well. At Pentegra, we are an institutional fiduciary, and unique in that we actually sign the plan document and 5500, not only performing these duties but accepting responsibility for them. It is what we refer to as the SmartPath™ to retirement plan administration."
As part of the launch of the 3(16) Administrator SmartPathTM, Pentegra will present a free PENTalkTM webinar on this topic on Tuesday, April 24, 2018 at 11:00a.m. EST. Click here to register.
Pentegra is a leading provider of retirement planning and fiduciary outsourcing solutions to organizations nationwide. Founded by the Federal Home Loan Bank System in 1943, Pentegra offers a broad array of qualified and non-qualified retirement plan solutions, TPA services and benefits financing solutions using BOLI. In addition, Pentegra, through Pentegra Investors, Inc., also serves the needs of institutional investors, offering investment outsourcing capabilities. For more information, go to http://www.pentegra.com.