3(16) Plan Administrator • Architect 401(k) Solution
The Finway Group’s proprietary Architect 401(k) Solution offers financial advisors and their plan-sponsor clients a cost-effective and time-efficient way to run a retirement plan. The result is less time spent chasing filing deadlines and tracking industry changes and more time spent running a successful business.
How It Works
In the plan sponsor adoption agreement, The Finway Group is designated as the Plan Administrator as outlined by ERISA. In addition, a separate agreement appoints The Finway Group as your plan’s 3(16) Plan Administrator and Plan Fiduciary. Once these documents are signed, we assume most of the risk and responsibility of administrative operations of the retirement plan. It’s a simple solution to a complex problem.
Scope of Services
As TPA, 3(16) Plan Administrator, and Plan Fiduciary, The Finway Group is responsible for:
Financial statement audits
Automatic contribution increase administration
ERISA Sec. 105 employee benefit statement
Prudent monitoring and selection of service providers
Allocation of unallocated monies by plan year-end
IRC Sec. 72(p) loan administration
Annual contribution limitation calculations
Personal liability under ERISA 409
Segregation of assets by source
Coverage testing and corrections
Approving termination distributions
Approving hardship distributions
Qualified Domestic Relations Orders (QDROs)
Lost/missing participants and unclaimed benefits
Plan termination and partial terminations
Summary Plan Description
Summary of Material Modifications
Timely remission of deferrals and loan repayments
Response to participant inquiries
Participant fee disclosures
Form 1099-R administration
Required Minimum Distributions (RMDs or age 70.5 calcs / now age 72)
Top-heavy minimum benefits
Overpayment acceptance/rejection of rollovers and transfers
That’s a lot of work and responsibility. You can choose to accept the fiduciary liability for all of these items yourself. That means getting it done right—and getting it done on time. It’s practically a full-time job herding cats.
Or… you can outsource the responsibility, offload your burden to us, and rest easy.
Choose the Architect 401(k) Solution.
We’ll make your life easier.
“We have had the pleasure of working with The Finway Group for just over two years now. Our experience in working with the entire team has been excellent. We appreciate the team tremendously. They are timely in responding to our questions, always pleasant and professional, and we are confident in the answers they provide us. We ask a lot of questions too. It is clear that the Finway team takes pride in their work and it shows! Thank you Finway!”