3(16) ADMINISTRATIVE DUTIES

ERISA requires designation  of a plan fiduciary pursuant to ERISA section 3(16). In addition to selecting and monitoring plan affiliates and outsource parties, the 3(16) fiduciary duties include:

• Determining eligibility
• Ensure timely deposit of contributions
• Interpret plan provisions
• Approve or reject loans and withdrawals
• Fix operational errors
• Maintain records
• Obtain and monitor Fidelity Bonds
• Sign Plan Documents
• File Form 5500
• Provide participant disclosures and notices