[April 22, 2014] |
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The Pros and Cons of TPAs Being a 3(16) Fiduciary Administrator
DES MOINES, Iowa --(Business Wire)--
The question on the minds of many third
party administrators (TPAs) these days is whether to take
on full legal responsibility for administrating employer sponsored
retirement plans, in other words, providing ERISA 3(16) plan
administrator fiduciary services.
To help TPAs sort out the pros and cons, the
Principal Financial Group® is hosting a free webcast, Legal
Analysis and Considerations for 3(16) Administrators" on Tuesday,
April 29. 11 a.m. CDT (News - Alert). Nationally known ERISA attorney, Fred
Reish, will discuss nuances of the law, provide examples of plan
administrator duties, and delve into the benefits and pitfalls of
becoming a fiduciary plan administrator.
"We know from our TPA Council and annual TPA Sales Academy, that many
are weighing whether to take on the significant responsibility as a
fiduciary for administrating their clients' retirement plans," said Tom
Smith, vice president of retirement and investor services at The
Principal. "As part of our ongoing
commitment to TPAs, we are making this webcast available at no
charge to help them do a risk-benefit analysis of taking on this
responsibility."
The webcast will also be of help to TPAs who are currently offering
ERISA 3(16) service. Reish, of Drinker Biddle & Reath LLP, will discuss:
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How to interpret the law
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Key examples of plan administrator duties
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Potential fiduciary issues
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Benefits and downfalls of becoming a 3(16) fiduciary plan administrator
TPAs can register
online.
The webcast is the latest offering from The
Principal TPA EdgeSM program of services and tools
designed specifically to help TPAs develop and manage their businesses.
The program that includes:
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3(16) administrative services support
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State-of-the-art technology and services that help simplify
processes and allow TPAs to operate efficiently so they can focus on
growing their business
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TPA relationship managers and directors of business development who
provide training and help TPA firms develop their businesses
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Dedicated administration team with an average of more than 11
years of experience who are committed specifically to TPAs1
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Total retirement solutions available for TPA-administered plans
for both profit and non-profit organizations including defined
benefit, defined contribution - such as 401(k) and 403(b),
nonqualified and employee stock ownership plans (ESOP)
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A robust investment platform offering multiple investment
managers with the security of a comprehensive fiduciary support program
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Strong local presence in more than 44 cities across the United
States with local personnel and services dedicated to TPAs, financial
professionals and plan sponsors2
About the Principal Financial Group The Principal Financial
Group® (The Principal®)3 is a global
investment management leader offering retirement services, insurance
solutions and asset management. The Principal offers businesses,
individuals and institutional clients a wide range of financial products
and services, including retirement, asset management and insurance
through its diverse family of financial services companies. Founded in
1879 and a member of the FORTUNE 500®, the Principal
Financial Group has $483.2 billion in assets under management4 and
serves some 19.4 million customers worldwide from offices in Asia,
Australia, Europe, Latin America and the United States. Principal
Financial Group, Inc. is traded on the New York Stock Exchange under the
ticker symbol PFG. For more information, visit www.principal.com.
1 As of June 30, 2011. 2 Retirement
Resources, Inc. 401(k) Vendor Profile, June 2010. 3 "The
Principal Financial Group" and "The Principal" are registered service
marks of Principal Financial Services, Inc., a member of the Principal
Financial Group. 4 As of Dec. 31, 2013.
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