We can support your practice with your choice of administrative services, including plan design, Form 5500 preparation, compliance testing, delivery of required notices and more.

In addition, we can assume 3(16) administrative fiduciary responsibility for certain administration duties.

ERISA 3(16) Administrative Fiduciary

If you choose us to provide full-service administration, Standard Retirement Services, Inc. can accept fiduciary responsibility for certain key aspects of retirement plan administration, including:

  • Compliance testing 
  • Plan eligibility
  • Required participant notices and disclosures 
  • Adjudication of hardship withdrawals
  • Management of the approval process for participant loans and distributions

Required Participant Notices

We can manage the distribution of certain notices including those required for blackout events, safe harbor, annual disclosure of plan fees, summary annual reports and summary plan descriptions. We can also distribute booklets and enrollment eligibility alerts directly to the homes of plan participants.

Loans And Distributions

If appointed manager of the approval process (MAP), we can reduce the administrative burden by reviewing loan and distribution requests and then approving or denying them. We can also manage the distribution process directly with plan participants.

Form 5500

We can prepare Form 5500, the plan’s annual government report, along with any applicable schedules.

Compliance And Testing

On behalf of the plan, we can perform annual test that measure compliance with Internal Revenue Code limits.

  • Prepare the plan’s annual government report, Form 5500, along with any applicable schedules 

Enrollment Alert Mailings

Each month, newly eligible employees will receive an enrollment alert letter, explaining the benefits of plan participation and providing them with instructions for enrolling and creating an account.

Setup And Implementation

We manage the entire onboarding and setup of the retirement plan and keep you and employers informed of our progress.