The question on the minds of many third party administrators (TPAs) these days is whether to take on full legal responsibility for administrating employer sponsored retirement plans, in other words, providing ERISA 3(16) plan administrator fiduciary services.
To help TPAs sort out the pros and cons, the Principal Financial Group ® is hosting a free webcast, Legal Analysis and Considerations for 3(16) Administrators” on Tuesday, April 29. 11 a.m. CDT. Nationally known ERISA attorney, Fred Reish, will discuss nuances of the law, provide examples of plan administrator duties, and delve into the benefits and pitfalls of becoming a fiduciary plan administrator.
“We know from our TPA Council and annual TPA Sales Academy, that many are weighing whether to take on the significant responsibility as a fiduciary for administrating their clients’ retirement plans,” said Tom Smith, vice president of retirement and investor services at The Principal. “As part of our ongoing commitment to TPAs, we are making this webcast available at no charge to help them do a risk-benefit analysis of taking on this responsibility.”
The webcast will also be of help to TPAs who are currently offering ERISA 3(16) service. Reish, of Drinker Biddle & Reath LLP, will discuss:
- How to interpret the law
- Key examples of plan administrator duties
- Potential fiduciary issues
- Benefits and downfalls of becoming a 3(16) fiduciary plan administrator
- 3(16) administrative services support
- State-of-the-art technology and services that help simplify processes and allow TPAs to operate efficiently so they can focus on growing their business
- TPA relationship managers and directors of business development who provide training and help TPA firms develop their businesses
- Dedicated administration team with an average of more than 11 years of experience who are committed specifically to TPAs 1
- Total retirement solutions available for TPA-administered plans for both profit and non-profit organizations including defined benefit, defined contribution – such as 401(k) and 403(b), nonqualified and employee stock ownership plans (ESOP)
- A robust investment platform offering multiple investment managers with the security of a comprehensive fiduciary support program
- Strong local presence in more than 44 cities across the United States with local personnel and services dedicated to TPAs, financial professionals and plan sponsors 2