Why Anchor 3(16)?
Our Management Team collectively has over sixty years in administration of retirement plans. As qualified plan professionals dedicated to providing exceptional quality work and customer service to our clients, we understand the responsibilities a Plan Administrator faces when sponsoring their plan. TPA's are often limited by the extent of services they can provide to their clients. In searching for a solution for this, Anchor 3(16) was founded to assume some of the fiduciary and administrative responsibilities that clients inherently are required to perform. As plans can sometimes find themselves in rough seas, Anchor was created to provide stability and professional oversight. Innovatively, Anchor 3(16) is the first locally owned and independently operated 3(16) Service Provider in the region.
Whether the plan be administered by a bundled provider or handled by an independent third party administrator, invested on an allocated investment product or individual brokerage accounts, covering a few plan participants or hundreds of participants, Anchor 3(16) can assist the Plan Sponsor in satisfying their administrative fiduciary obligations.
Anchor 3(16) offers three administrative packages detailed below. Special pricing could also be considered and customized to meet a client's specific needs.
3(16) Plan Administration Packages
Message In a Bottle
- Summary Plan Description
- Summary of Material Modifications
- Summary Annual Report
- Safe Harbor Notice
- Auto Enrollment
- QDIA Notice
- 404(a)(5) Notice
- Blackout Notice
(Includes Message in a Bottle services plus)
- Maintain a fully executed copy of plan documentation
- Provide initial participation paperwork directly to participants
- Eligibility verification
- Retain completed election forms and beneficiary designations
- Ensure timely remittance of 401(k)
- Reviewing payroll reports and deposits to investment accounts
- Review and sign Government Form 5500 and Form 8955-SSA
- Submission of payroll contribution files to vendor (subject to the requisite access)
(Includes Captain services plus)
- Confirm that salary deferrals, loan repayments are properly reflected on pay date payroll reports
- Review and verify auto-enrollment to participants
- Review and verify auto-increase of deferral rates of participants
- Receive completed elections from participants
- Advise fundholder/payroll provider/plan sponsor of participant changes to elections
- Review suspension of deferrals for hardships
- Ensure unvested balances have been calculated correctly and forfeited
- Maintain fidelity bond and review annually to ensure compliance
- Act as agent for service of legal process for the plan