2. Check, sign and file all necessary government documents, hold guardianship committee meetings, keep minutes and records, and keep all fiduciary insiders informed of relevant legal matters; For many employers, the value of time savings for planning officers far exceeds the cost of services 3 (16) of the APA. However, since it is the responsibility of the plan administrators to control the costs of the plan, the employer must take steps to ensure that additional fees for 3 (16) trust benefits are reasonable. Some TPAs offer expanded services 3 (16), which also include a statement of services that the EFA will provide as an offer of ERISA fiduciary services. An agent should be aware of others who act as agents of the same plan, since all agents have potential liability for the actions of their co-trusts. For example, if an agent knowingly participates in the breach of another agent`s liability, conceals it or does not act to correct it, it is responsible. 3. EFA Fiduciary Services. The EEA undertakes to provide the plan sponsor and designated agent with the following services: 5. Maintain the eligible tax status of the plan document, cooperate with the service provider concerned to ensure that the plan is implemented in accordance with its terms and that the sponsor accepts in a timely manner all mandatory changes to the plan and, if necessary, requests all the findings of the State; (B) it does not participate in a transaction that the plan must enter into or acquires a financial or other interest in a transaction that must be concluded by the plan and has no significant financial relationship or agreement, referral or agreement with another agent. In addition, the services provided by Agent 3 (16) do not extend to investment management.
ERISA outlines investment-based roles under a plan 401 (k) commonly referred to as 3 (21) and 3 (38) agents. Diversification, another important retention obligation, helps minimize the risk of significant investment losses in the plan. Trustees should consider each investment as part of the overall portfolio of the plan. Once again, trustees will want to document their valuation and investment decisions. Enhanced Communications (Notices/Mailing Services) (H) The plan sponsor and designated agent recognize and accept that the EFA or one of their related companies may take steps to perform their duties for other EFA clients (including those who may have plans similar to those similar to the plan) that may differ from the date and nature of the plan measures.