What does a 401(k) Exchange offer?
Employers chose a turn-key 401(k) exchange for a wide range of retirement management services including administrative offload, simplified payroll contribution processing, loan and distribution support, time savings, fiduciary risk management, and more.
By becoming a participating employer in an exchange, your plan is managed and supported by a team of experts. The Fiduciary-Plus 401(k) Retirement Plan Exchange® (created in conjunction with Transamerica and TAG Resources) pulls together important parties to help care for your retirement plan, which include:
- Plan Administrator
- Recordkeeper
- Financial Advisor
- Third Party Administrator
- Investment Manager
- Auditor
- Umbrella Fidelity Bond (where applicable)
Plan sponsors administering a stand-alone 401(k) must take on dozens of on-going responsibilities. With the Fiduciary-Plus 401(k) Retirement Plan Exchange®, that number is reduced significantly.
Responsibilities handled by the Exchange:
- 3(38) investment manager appointment
- 402(g) limit reporting
- 404(a)(5) notice distribution
- 404(c) notice distribution
- 408(b)(2) notice distribution
- Annual discrimination & coverage testing
- Annual fee negotiations with vendors
- Audit completion support
- Audit firm hiring & monitoring
- Auto enrollment notice distribution
- Beneficiary designation form maintenance
- Beneficiary determinations
- Blackout notice distribution
- Census review
- Corrective distributions
- Death benefit approval
- Distribution reporting
- DOL and IRS issue resolution assistance
- Eligibility calculations
- Eligibility notifications
- Employer contribution monitoring
- ERISA bond review
- Error correction monitoring
- Fiduciary insurance coverage review
- Force out processing
- Form 5330 preparation
- Form 5500 preparation, signing, & filing
- Form 8955 preparation, signing, & filing
- Fund change notice distribution
- Hardship withdrawal approval
- Loan approval & reporting
- Loan default monitoring
- Loan policy administration
- Lost earnings calculations
- Participant enrollment assistance
- Payroll aggregation
- Payroll file aggregation
- Plan design review
- Plan document interpretation
- Plan document preparation & archiving
- Plan irregularity notification
- QDIA notice distribution
- QDRO determinations & reporting
- Quarterly investment review meetings
- Rate change monitoring & reporting
- Required minimum distributions
- Safe harbor notice distribution
- SAR production & distribution
- SMM notice distribution
- SPD production & distribution
- Spousal consent approvals
- Termination date verification & maintenance
- Termination withdrawal approval
- Trustee duties
- Review & submit payroll files
- Vesting verification & tracking
- Year-end data collection & review
Responsibilities handled by the Plan Sponsor (employer)*:
- Monitor service providers: Transamerica & TAG Resources
- Monitor investment platform
- Upload payroll files**
- Provide year-end data collection**
Notes:
*Plan sponsor responsibilities are not limited to items noted above
*Plan Sponsors should review their service agreements and fiduciary
responsibilities under ERISA.
**Required, but may be provided by payroll company.
To explore how the Fiduciary-Plus 401(k) Retirement Plan Exchange® may fit your needs, contact us today.