What is a Named Fiduciary?
A plan must have at least one fiduciary, a person or an entity, named in the written plan document, or through a process described in the plan. The named fiduciary can be identified by office or by name. For some plans, it may be an administrative committee or a company's board of directors. The Named Fiduciary is designated in the plan document as having the overall authority to control and manage the operation and administration of the plan.
What is the Plan Manager
When you appoint ERISA SMART as your Named Fiduciary to we assume all responsibilities associated with your plan as the PLAN MANAGER. By removing the employer from virtually all task related to the plan it substantially reduces the time and risks associated with offering a retirement plan.. The total operation and oversight of your plan become the responsibility of ERISA SMART and our team of experts. Your only responsibility is to monitor us and choose the providers you feel are the best fit for your plan and its participants. The Plan Manager includes our 3(16) Fiduciary and 360 Payroll Bridge services.
How it Works
Our internal committee will run your plan based on your company plan provisions. Our Plan Manager services include monitoring all service providers, ensuring all administrative task are completed timely. In addition, we ensure that your plans are benchmarked regularly and your fees are inline with industry standards.
The Pooled Employer Plan (PEP) Alternative
Pooled Employer Plans (PEP) are a great alternative for micro sized and start-up plans. For those plans that want more flexibility and portability, the Plan Manager can be a better option. Typically, the overall cost for the Plan Manager is less expensive than most PEPs.