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.

Logo: The Architect 401(k) Solution

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:

Overall operational compliance
Document compliance
Mandatory interim restatements
Form 5500 filing and related schedules

Financial statement audits

New-hire tracking and notifications
Auto-enrollment administration
Default investment administration

Automatic contribution increase administration

ERISA Sec. 105 employee benefit statement

Reasonableness of fees analysis

Prudent monitoring and selection of service providers

Benefit determination and disputes
Administration of beneficiary rules
Nondiscrimination testing
Summary Annual Reports

Allocation of unallocated monies by plan year-end

IRC Sec. 72(p) loan administration

Annual contribution limitation calculations

Annual notices

Personal liability under ERISA 409

Segregation of assets by source

Coverage testing and corrections

Involuntary distributions

Approving termination distributions

Approving hardship distributions

Qualified Domestic Relations Orders (QDROs)

Lost/missing participants and unclaimed benefits

Plan termination and partial terminations

Spousal consent

Summary Plan Description

Summary of Material Modifications

Timely remission of deferrals and loan repayments

Blackout notices

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!”

TCI