Why sponsors need help
New legislation and ongoing regulatory change make it harder for plan sponsors to show they’re meeting IRS and DOL requirements. Errors can expose them to liability, correction costs, tax consequences and, in serious cases, plan disqualification.
What a 3(16) fiduciary takes on
As a 3(16) plan administrator, Prime takes on responsibility for many administrative duties under ERISA, alongside the day-to-day work of running the plan.
- Streamlined plan management and operations
- Less administrative work for the sponsor’s staff
- Help meeting IRS and DOL requirements
- Reduced employer liability and risk