​“The duty to act prudently is one of a fiduciary’s central responsibilities under ERISA. It requires expertise in a variety of areas, such as investments, administration and regulations. Lacking that expertise, a fiduciary will want to hire someone with that professional knowledge to carry out the investment and other functions.” – U.S. DOL

Additional Information

ERISA SMART is an ERISA 3(16) administrative fiduciary. Under a contractual agreement, ERISA SMART will take on the Plan Fiduciary responsibility, thereby relieving the Plan Sponsor of that fiduciary role. ERISA SMART will take on the responsibility of certain day-to-day plan administrative duties such as administering and approving participant distributions, plan communication, participant disclosures and approving, signing and filing Form 5500 Annual Report. ERISA SMART, as the Plan Fiduciary, will have the duty to ensure that all these ERISA obligations are met utilizing the ERISA SMART Plan Manager  ™ System..

Creating a 3(16) service can be a time-consuming and cumbersome undertaking  requiring a high level of expertise and experience in the defined contribution market. Through our proprietary software, the ERISA SMART Plan Manager, we can provide the back office support to your own 3(16) fiduciary outsourcing solution. ERISA SMART has developed a turnkey solution that can fit any size TPA. This includes all marketing collateral, business development leads,  webinars, legal contracts & agreements.

For Plan Sponsors ERISA SMART can provide 3(16) Services on most bundled platforms. Contact us or your financial advisor for more information

ERISA 3(16) Back Office Solution

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ERISA 3(16) Fiduciary Administration

3(16) FAQ.