RetireNAV(k) Pooled Employer Plan
401(k) Employer Responsibilities
PEP Employer Responsibilities
RetireNAV(k) Pooled Employer Plan
401(k) Employer Responsibilities
Acceptance of Fiduciary Responsibilities: Act as plan sponsor and 3(16) administrative fiduciary. Create and sign plan document. Hire and monitor recordkeeper. Ensure plan is administered according to plan provisions.
Administration: Submit timely contributions. Update participant contribution rates in payroll. Submit loan payments. Manage beneficiary information. Track eligibility. Provide enrollment materials to eligible participants. Deliver required notices. Review and approve termination, hardship, and in-service distributions. Mange RMDs. Administer qualified domestic relationship orders. Provide employee census data. Track annual contribution limits. Track catch-up contributions.
Management of Investment Offering: Hire and monitor investment professional. Make sure investments are appropriate for plan participants. Ensure reasonable amount of investment choice. Monitor investments and expenses. Creation and adherence to an Investment Policy Statement.
Plan Compliance and Audit: Complete, sign and file Form 5500 annually. Hire an auditor if over 100 participants with a balance. Manage plan audits.
PEP Employer Responsibilities
Administration: Submit timely contributions with census data. Update participant contribution rates in payroll. Submit loan payments (with support from PEP). Manage beneficiary information (with support from PEP).
RetireNAV(k) Pooled Employer Plan
RetireNAV(k) Pooled Employer Plan
401(k) Employer Responsibilities
Acceptance of Fiduciary Responsibilities:
- Act as plan sponsor and 3(16) administrative fiduciary
- Create and sign plan document
- Hire and monitor recordkeeper
- Ensure plan is administered according to plan provisions
Administration:
- Submit timely contributions
- Update participant contribution rates in payroll
- Submit loan payments
- Manage beneficiary information
- Track eligibility
- Provide enrollment materials to eligible participants
Management of Investment Offering:
- Hire and monitor investment professional
- Make sure investments are appropriate for plan participants
- Ensure reasonable amount of investment choice
- Monitor investments and expenses
Plan Compliance and Audit:
- Complete, sign and file Form 5500 annually
- Hire an auditor if over 100 participants with a balance
- Manage plan audits
Acceptance of Fiduciary Responsibilities:
- Act as plan sponsor and 3(16) administrative fiduciary
- Create and sign plan document
- Hire and monitor recordkeeper
- Ensure plan is administered according to plan provisions
Administration:
- Submit timely contributions
- Update participant contribution rates in payroll
- Submit loan payments
- Manage beneficiary information
- Track eligibility
- Provide enrollment materials to eligible participants
Management of Investment Offering:
- Hire and monitor investment professional
- Make sure investments are appropriate for plan participants
- Ensure reasonable amount of investment choice
- Monitor investments and expenses
Plan Compliance and Audit:
- Complete, sign and file Form 5500 annually
- Hire an auditor if over 100 participants with a balance
- Manage plan audits
pep Employer Responsibilities
Administration:
– Submit timely contributions with census data.
– Update participant contribution rates in payroll.
– Submit loan payments (with support from PEP).
– Manage beneficiary information (with support from PEP).