Providing Expert Guidance And Support Solutions
To Help Mitigate Your Fiduciary Responsibilities
Full Scope ERISA 3(16) Plan Administration Fiduciary Service
ERISA Wise, LLC
Managing pension, profit sharing, and 401(k) plans are increasingly time consuming, complex and confusing. Plan sponsors face and address a dynamic and challenging environment with fiduciary liability, complex laws and regulations, lack of fee transparency, conflicts of interest, and increased scrutiny by investors and regulators. To maintain a qualified plan's compliance while managing costs effectively, many companies have turned to the services of ERISA Wise, LLC to help mitigate their fiduciary responsibilities.
Our Core Values
- Commitment and dedication to our clients and partners
- Maintaining qualified plan compliance
- Retirement readiness for employers and employees
Our Value To You
Our firm is designed to take care of our clients by mitigating their fiduciary responsibilities throughout the life of their tax qualified plan.
Stephanie A. Banister, ERPA, QPA, QKA
Stephanie A. Banister is the Managing Member of ERISA Wise, LLC. Her area of expertise focuses on mitigating fiduciary responsibilities and retirement readiness. Her deep experience as a fiduciary involving many complex cases has resulted in a strong success record.
Ms. Banister is an Enrolled Retirement Plan Agent who is allowed to practice before the Internal Revenue Service. Ms. Banister is also a Qualified Pension Administrator as designated by the American Society of Pension Professionals & Actuaries. With over a decade of experience working in the pension industry, Ms. Banister’s efforts have been documented in The Wall Street Journal, Forbes Magazine, and Kiplinger’s Personal Finance Magazine. Ms. Banister deeply believes that everyone should have the opportunity to retire in dignity, and not despair.
ERISA 3(16) Plan Administration
The term "ERISA 3(16)" is derived from Section 3(16) of ERISA, which defines the term "administrator" as one who is so designated by the plan document. If the plan document does not designate a plan administrator, the responsibilities fall squarely on the shoulders of the plan sponsor (also known as the "employer").
Certain responsibilities of the ERISA 3(16) are fiduciary in nature, while others are ministerial (non-fiduciary). The ministerial responsibilities include:
- Applying eligibility rules to participation or benefits and calculating benefits and crediting service;
- Preparing employee communications;
- Preparing drafts of government filings;
- Maintaining records;
- Collecting and/or applying contributions, accounting and reconciling data;
- Processing approved claims and loans for distribution;
- Orientation of participants and providing plan information;
- Preparing benefit statements;
- Making plan administration recommendations; and,
- Lead point of contact for all outside agencies, including audits, investigations, and inquiries.
Examples of administrative tasks involving the exercise of discretion and control include:
Plan Management and Administration
- Selection, evaluation and monitoring of:
- Trustee(s)
- Service providers
- Document provider
- Unbundled or bundled services
- Investments offered under the plan
- Investment advisor to the plan, fiduciaries or participants;
- Evaluation of all plan fees (e.g., service provider fee disclosure and determination of which fees may be paid by the plan); and,
- Decision to delegate plan administration responsibilities to other fiduciaries.
Operation of the Plan
- Interpretation of the plan document;
- Facilitation of day-to-day operation of plan;
- Timely and accurate reporting and disclosure (e.g., Form 5500, distribution of Summary Plan Description/Summary of Material Modifications, participant fee disclosure, benefit statements, Qualified Default Investment Alternative notices;
- Distribution of benefits;
- Administration of QDROs (develop procedures and process); and,
- Administration of Loans (develop procedures and process).
The following are likely candidates who should consider hiring ERISA Wise, LLC as the ERISA 3(16) for their tax qualified plan:
- Plan Sponsor who lack the time to ensure all regulatory functions for their retirement plan are carried out;
- Plan Sponsors with staff who do not have experience or expertise in ERISA and want to ensure that their retirement plan retains its tax-qualified status; and,
- Plan Sponsors concerned about their fiduciary responsibility.
ERISA Wise, LLC is not a Third Party Administrator.
ERISA Wise, LLC is a fiduciary service for employer-sponsored retirement plans.
ERISA Wise, LLC is independent of any insurance or investment firm.
